VAT Returns are an adminstrative headache for all busineses. They can be complicated and time-consuming. Let the professionals help.
VAT returns services and advice
VAT is complicated… Even for the experts, it can be a minefield.
Do you know the difference between Standard, Exempt and No VAT items for example?
Do you know the difference between hot and cold food… and don’t get us started on sausage rolls!
Get it wrong and you could be:
- Paying the taxman too much if you don’t claim everything you’re allowed
- Be over claiming VAT, resulting in penalties and fines should HMRC investigate
That’s where we can help.
We offer several services to help take the headache away and give you complete peace of mind.
Full VAT service
An extension of our bookkeeping service. You send over the invoices digitally and we will take it from there. You will know that every single invoice has gone through our review process which uses both tax experts and state of the art VAT review software to home in on unusual items.
Quarterly VAT review
You prepare the VAT return and notify us when it’s ready to go. Before submitting to HMRC we will give it a full review to ensure those VAT codes are correct.
We once saved a client over £2,000 after they had not claimed any VAT on mileage and other travel costs (travel costs are one of those minefields we mentioned).
Yearly health check
As a minimum all our clients get a yearly VAT health check where we plug your VAT records into our supercomputer looking for posting irregularities. It’s amazing how the same item can be posted differently throughout the year, especially when multiple people post up the records.
We would almost always recommend our quarterly VAT review but understand you may have your own in-house VAT expert (lucky you) so may not need that level of support.
VAT inspections and support
Being notified, often with very little notice, of an inspection from HMRC is understandably stressful and fills business owners with dread. At the very least, it creates for at least a day or possibly more while the inspectors are on site. It is imperative to co-operate fully and HMRC has wide powers to look at your business records and paperwork.
It is also almost certainly true that HMRC inspections and/or investigations are more likely with businesses that are highly cash generative such as any retail business or in the food, drink, or leisure industry. Do not assume that because you are careful in keeping records and always pay VAT on time that you will not get an inspection.
Many clients who are advised they will get an inspection feel worried and feel less so if they have accountants on board who have prepared the returns but also who can be present when HMRC turn up. As part of our services, we can help and also if an inspection turns into an investigation with potential sanctions and enforcement.
How it works:
- We will send you a reminder when your VAT returns are due.
- A professional accountant from our team will ensure we complete an accurate return.
- We will then submit your VAT return to HMRC online.