VAT returns

VAT returns

At Legacy Accounting, we provide outsourced, professional bookkeeping services customised for businesses of all sizes and stages. Whether you’re a new startup or a well-established, growing company, our expertise ensures your VAT submissions are accurate and timely, helping you stay compliant and focused on your core operations.

ACCOUNTANT SERVICES

Registering for VAT and filing returns can be daunting for many businesses. You’ll need to submit regular VAT returns and make payments to HMRC as required. Errors or failure to complete VAT returns accurately can result in substantial fines.

With our VAT return service, your VAT returns are expertly handled, providing peace of mind. Additionally, leveraging the expertise of experienced accountants optimises your cash flow for maximum efficiency.

The regulations surrounding VAT are continuously evolving, presenting challenges in navigating various rules and exceptions. However, Legacy Accounting can assist in meeting your VAT obligations without imposing hefty costs on your business.

Our commitments

Our qualified team can offer year-round VAT reporting for your business and handle return preparation on your behalf. We'll even submit it online for you, simplifying the process. Our goal is to make VAT management easy and cost-effective for our clients. Contact us to learn more.

Who needs to pay VAT?

Recommend where appropriate that you voluntarily register for VAT with HMRC
Help you register for VAT with HMRC.
Provide guidance on different VAT rates that apply to goods and services
Calculate your VAT return, advise on any associated liabilities or if any refund is due.
Explain the available VAT schemes and suggest which ones could benefit your business.
Advise if you can de-register for VAT or apply for an exception to registering for VAT.

ACCOUNTANT SERVICES

VAT Returns

Who needs to pay VAT?

Businesses with a taxable turnover exceeding £90,000 in a twelve-month rolling period must register for VAT with HMRC, regardless of whether they are Limited Companies or Sole Traders. Additionally, if your turnover is below £150,000, your accountant can discuss available VAT scheme options with you.

Do I need a VAT accountant?

While completing your VAT return yourself is possible, it's more complex than it may seem. VAT rules cover various aspects, such as selling goods and services, hiring or loaning goods, and selling business assets. Additionally, some services are VAT exempt, while others have a reduced VAT rate.
If your business needs to register for VAT with HMRC, it's prudent to understand the VAT rules sooner rather than later. A Legacy Accounting VAT return accountant can offer comprehensive advice on all VAT aspects, including liabilities and implications of transactions in your business.

Providing bespoke accounting solutions for businesses in Oxfordshire and Berkshire with Offices located in Didcot, Oxford, Witney, Newbury and Reading. We ensure you can focus on growth while we handle the numbers.

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