Clear guidance to keep your business compliant and in control.
VAT can feel like one of the more complicated parts of running a business. Whether you’re registering for the first time, dealing with quarterly returns, or navigating special schemes, we’re here to simplify the process and make sure you stay compliant with HMRC.
When do you need to register?
You must register for VAT if your taxable turnover exceeds £90,000 in a rolling 12-month period (correct as of April 2024). It doesn’t matter if that happens over a few months or across a year – as soon as you pass the threshold, registration is required.
You can also register voluntarily if your turnover is below the limit, which can be useful if you want to reclaim input VAT on expenses or give your business a more established appearance. We’ll advise you if voluntary registration makes sense for your situation.
Understanding VAT basics
- Output VAT – the VAT you charge on sales.
- Input VAT – the VAT you pay on purchases.
- The difference – what you owe HMRC (or what they repay to you).
Most goods and services are either standard rated (20%), reduced rate (5%), or zero rated (0%). Some supplies are exempt, meaning you don’t charge VAT – but also can’t reclaim input tax.
Submitting VAT returns
Once registered, most businesses file returns quarterly through Making Tax Digital (MTD) software. Returns must be submitted, and any payment made, within one month and seven days after the quarter ends. All payments must be made electronically.
We take care of:
- Preparing and submitting VAT returns on time.
- Advising on payments due.
- Helping you use HMRC-approved software to stay MTD compliant.
VAT schemes and options
For some businesses, special schemes make VAT easier to manage:
Why Choose Us
Choosing an accountant is about more than just balancing the books. You need a team that’s experienced, reliable, and easy to work with. Here’s why businesses across Colne and Lancashire trust us:
