It can be quite hard to navigate through filing VAT returns by yourself. Even if you have been filing VAT returns by yourself, you may require the help of seasoned accountants who can help you navigate through this tangle of legalities, rules, and deadlines. 
In case you are looking for expert VAT return services, reach out to Ease Accounting for help in doing the accounts for your UK business. Learn more as a UK business owner about the basics of VAT and why you should take the help of qualified services to help you file returns periodically.

How Does VAT Work?

As a business owner, you will need to file your VAT returns when the taxable turnover of your business reaches £85,000. You must start charging VAT on taxable goods and services and the amount of VAT is worked out as a percentage of the taxable sale and is referred to as “output tax”. 
There are different rates of VAT but the most common one called standard VAT is charged at the rate of 20%. In case you make a purchase from another VAT-registered company you will be charged VAT by them and this is then known as input tax.

When Does A Business Need To Register For VAT?

You will need to register for VAT compulsorily when the business’ VAT taxable turnover exceeds £85,000. Even if your business had a taxable turnover of more than £85,000 in the last 12 calendar months you will need to register for VAT. 
Apart from compulsory registration, you can also register voluntarily. Here are some reasons to choose to register for VAT voluntarily. 
Tax Savings Potential: By registering for VAT voluntarily, businesses that pay more VAT to suppliers than they collect from customers can reclaim the difference. This can be especially beneficial for businesses that offer non-VAT taxable goods or services but incur VAT on their expenses.
Professional Image: Voluntarily registering for VAT can help a business appear more established and professional, which can enhance credibility and appeal to potential clients and partners.
Financial Efficiency: For customers who can reclaim VAT themselves, registering for VAT offers tax-saving opportunities, making the business’s products and services more attractive to VAT-registered clients.

Why Should You Choose Ease Accounting For Calculating Your HRMC VAT Returns?

Affordable Expertise: With an introductory price of just £12.00 + VAT per month, Ease Accounting provides expert VAT return services at an accessible rate, giving you great value without compromising on quality.
Dedicated Support and Compliance: A dedicated accountant will manage your quarterly VAT returns, ensuring full compliance with 'Making Tax Digital' standards, so you can be confident in accurate and timely submissions.
Proactive Tax Savings and Representation: Ease Accounting conducts regular reviews to help minimize your VAT payments and offers representation in the event of an HMRC investigation, giving you peace of mind and potential cost savings.

Wrapping Up

UK businesses need to understand the importance of accurately managing HMRC VAT returns to ensure compliance and avoid potential penalties. Staying informed about VAT obligations, including deadlines, eligible deductions, and 'Making Tax Digital' requirements, is crucial for efficient tax management. Leveraging professional VAT return services can help businesses navigate the complexities of VAT, reduce tax liabilities, and maintain a smooth relationship with HMRC. By staying proactive and organized with VAT responsibilities, businesses can not only enhance financial efficiency but also focus more on growth and operational success.
Consult with one of the top accounting firms in the UK, Ease Accounting, for any VAT-related issues, or choose to turn your accounting books over to them.