VAT Return Service
The scope of the VAT is continually increasing, making VAT a source of confusion for many business owners. Our VAT specialists at More Group can expertly handle your VAT refunds, allowing you to concentrate on running more significant business operations.
What are VAT returns?
VAT returns are declarations that report all taxable transactions during a designated period (usually quarterly). HMRC uses these returns to calculate whether you have paid the correct amount of VAT. Frequently businesses have VAT liability or can be entitled to a refund. VAT returns must be filed by all VAT registered companies and any delayed, or uncompleted VAT returns will result in penalties for your business.
Which businesses pay VAT?
If your business’s annual turnover is more than the current VAT threshold of £85,000, then you need to register with the HMRC and complete tax returns. The government announced this threshold would be frozen from the 1st of April 2018 until 1st of April 2020.
The Flat Rate Scheme is an option available to small businesses with an annual turnover of £150,000 or less. This scheme aims to simplify the administrative task of VAT returns for business owners. Enterprises operating under the Flat Rate Scheme will charge VAT as normal on products, but when calculating their VAT return, they need to calculate total sales and then apply a flat rate of VAT.
How we can help you
The rules surrounding VAT returns are complex and continuously changing. To keep up to date with these rules requires dedication, which can be a drain on valuable businesses resources.
At More Group we specialise in understanding these rules and staying informed on updates from HMRC. Our commitment to staying proactive and recognising these changes enables us to identify opportunities to mitigate your VAT tax and ensure your compliance. Many businesses tend to see a better cashflow when allowing experts, who have a good knowledge of VAT, to handle their affairs.
We can offer you excellent professional advice and guidance on VAT matters at a competitive price.
At More Group we pride ourselves on the efficient, accurate and reliable service we deliver to our clients.
If you are interested, please contact us today for assistance with your VAT return, and to book a free consultation.