Professional VAT Returns in Old Woking

Get in touch

VAT Return Accountants in Old Woking

Navigating the complexities of VAT (Value Added Tax) returns can be daunting for businesses of all sizes.

Ensuring that your VAT returns are accurate and submitted on time is crucial to maintaining compliance with HMRC regulations and avoiding unnecessary penalties.

At The Tax Advisors, we are a professional and affordable group of tax accountants based in the UK. We are dedicated to helping businesses manage their VAT obligations effectively.

We explore the essentials of VAT returns, common FAQs, and how our expert services can assist you.

Get in touch

What Are VAT Returns?

A VAT return is a document businesses registered for VAT in the UK must submit to HMRC, usually every quarter. This return outlines the amount of VAT a business has charged on sales and the amount it has paid on purchases.

The difference between these two figures determines whether the business needs to pay money to HMRC or if they are due a refund.

  • VAT return: A report detailing VAT charges and payments was submitted to HMRC.

  • Quarterly submission: Most businesses submit VAT returns every three months.

  • Compliance: Timely and accurate VAT returns are essential to avoid penalties.

Why Are VAT Returns Important?

Filing VAT returns accurately is not only a legal requirement but also vital for the financial health of your business. Incorrect or late submissions can lead to significant fines and interest charges from HMRC.

Furthermore, managing VAT effectively can help with cash flow management and ensure that your business claims all the VAT it is entitled to.

  • Legal requirement: All VAT-registered businesses must submit VAT returns.

  • Penalties: Late or inaccurate returns can result in fines.

  • Cash flow management: Efficient VAT management aids business finances.

Common FAQs About VAT Returns in GU22 9

1. Who Needs to Submit VAT Returns?

Any business with a taxable turnover above the VAT threshold (currently £85,000) must register for VAT and submit VAT returns. Even if your turnover is below this threshold, you can voluntarily register for VAT, which might be beneficial depending on your business circumstances.

  • VAT threshold: £85,000 in taxable turnover.

  • Mandatory registration: For businesses exceeding the VAT threshold.

  • Voluntary registration: Optional for businesses below the threshold.

2. How Often Do VAT Returns Need to Be Submitted?

Most businesses must submit their VAT returns quarterly, but some may choose to file them monthly or annually, depending on their cash flow and specific circumstances.

  • Quarterly returns: The most common submission frequency.

  • Alternative schedules: Monthly or annual returns are possible.

3. What Information Is Required on a VAT Return?

A VAT return typically requires details such as the total sales and purchases made during the period, the amount of VAT charged and paid, adjustments from any errors in previous returns, and the VAT on any imports or exports.

  • Sales and purchases: Total amounts during the period.

  • VAT charged and paid: Key figures for calculation.

  • Adjustments: Corrections from previous errors.

4. What Is Making Tax Digital (MTD) for VAT?

Making Tax Digital (MTD) is an HMRC initiative that simplifies tax reporting and makes it easier for businesses to keep their tax records up-to-date and accurate. Under MTD, most businesses must use compatible software to keep digital records and submit VAT returns.

  • Making Tax Digital (MTD): HMRC’s digital tax initiative.

  • Digital records: Required for MTD compliance.

  • Compatible software: Needed for submitting VAT returns.

5. What Happens If I Submit My VAT Return Late?

Submitting your VAT return late can result in penalties from HMRC, which can increase with repeated late submissions. Additionally, interest may be charged on any outstanding VAT owed.

  • Penalties: Fines for late submissions.

  • Interest charges: Applied to overdue VAT.

How The Tax Advisors Can Help

At The Tax Advisors, we understand that managing VAT returns can be complex and time-consuming. Our team of experienced tax accountants offers comprehensive VAT services, ensuring that your returns are accurate and submitted on time. We provide personalised advice tailored to your business needs, helping you easily navigate VAT regulations.

  • Expert advice: Tailored to your business.

  • Accurate returns: Ensuring compliance and avoiding penalties.

  • Timely submissions: Meeting all HMRC deadlines.

Why Choose The Tax Advisors?

  • Professional and Affordable: High-quality service at competitive rates.

  • Experienced Team: Skilled in all aspects of VAT and tax compliance.

  • UK-Based: Understanding of local regulations and requirements.

  • Comprehensive Support: From registration to filing and beyond.

Conclusion

Navigating the intricacies of VAT returns can be challenging, but with the support of The Tax Advisors, you can ensure that your business remains compliant and efficient.

Whether you need help with quarterly submissions, understanding MTD, or simply want to ensure you're claiming all possible VAT deductions, our team is here to help.

Contact us today to learn more about how we can assist with your VAT returns.

Get in touch

We cover Old Woking (Surrey)

Get in touch

We aim to get back to you in 1 working day.


Skip to

Gallery

Other locations available for professional vat returns
Nalderswood Wanborough Ockley Spreakley Millbridge Prey Heath Seale South Park Lordshill Common Sutton Green Shere Weston Green Guildford Park Send Marsh Woodcote Stonebridge South Nutfield Crosswater Limpsfield Common Haslemere Farley Green Woolmer Hill Knowle Green Nutcombe South Merstham Upper Eashing Ewell Lightwater Crowhurst Dunsfold Green Peartree Green Broadmoor Ramsnest Common South Holmwood Brooklands Chobham East Horsley Thames Ditton Englefield Green North Holmwood South Godstone Mytchett Place Sunbury Upper Ifold Thorpe Lea Reigate Bramley Tyrell's Wood Lower Bourne Felcourt Field Common Littlefield Common Claygate Wray Common Tilford Reeds Reigate Heath The Wells Stanwell Woldingham Garden Village Frimley Camberley Fairlands Burwood Park Culmer West Byfleet Mount Hermon Church Town Lingfield Common Okewood Hill Warlingham Dorking Binscombe Bowlhead Green Cudworth Tadworth Betchworth Leigh Hythe Hatton Hill Rydeshill Great Bookham Pyrford Village Tower Hill Wheelerstreet Pyrford Claremont Park Merrow Loxhill Dockenfield Send Gatton Bushbury Stoke D' Abernon Little Bookham Frimley Ridge Horsell Birch Cox Green Shortfield Common Lucas Green Pitch Place Charlton Godalming Hamsey Green York Town Blindley Heath Rowly Pirbright Camp Ewhurst Dawesgreen Onslow Village Heatherside Fox Corner Langley Vale Woldingham Crossways Knaphill Grafham Forest Green Artington Hamm Moor Dunsfold Langley Godstone Peasmarsh Ash Vale Cranleigh Shipley Bridge Staines Capel Shortheath Stroud Runfold Guildford Ash Givons Grove Tatsfield Leatherhead Common Willey Green Rowledge Salfords Burrows Cross Birtley Green Alfold Peaslake Downside Effingham Abinger Hammer Caterham Walton-on-Thames Shepperton Green Logmore Green Pirbright Combe Common Ockham Pixham Badshot Lea Weybourne Sandy Cross Brook Moorhouse Bank Ansteadbrook Sutton Abinger Chertsey Flexford Egham Merle Common Stanwell Moor Pyle Hill Littleton Common Hook Heath Fetcham Wasp Green Albury Addlestonemoor Abinger Common Nork Hascombe Polesden Lacey Woking Bridge End Hinchley Wood Bagshot Heath Haxted Ridgway Mickleham Banstead Ridge Green Wotton Norley Common Hale Park Barn Brookwood Laleham Waterside Wisley Upper Halliford Rose Hill Shackleford Oxshott Ashtead Broadford Laker's Green Virginia Water Kingswood Giggshill West Horsley Grayswood Frensham Earlswood Oxted Headley Pitch Place Donkey Town Leatherhead Smallfield Burstow Ellen's Green Woodmansterne Hindhead Ashford Common Peper Harow Fredley Titsey Cooper's Hill Bushy Hill Weybridge Downside Fickleshole North Looe Alfold Crossways Cobham Bletchingley Newchapel Windlesham Ashford Hurst Green Newlands Corner Limpsfield Chart Brick Hill Addlestone Littleton Westbrook Bagshot South Earlswood Abbotswood Redhill Moor Park Margery Dippenhall Hooley Westcott Meath Green Long Ditton Puttenham Byfleet Hurtmore Witley Hersham Hookwood Longcross Sheerwater Knowle Hill Maybury Thorpe Green Russ Hill The Downs Coles Meads Box Hill Sunbury Common Holloway Hill Busbridge Tilford Horsell Shamley Green Stoughton Gadbrook Rydens Crowhurst Lane End West End Wood Street Village Beare Green Buckland Little Heath Stonehill The Bourne East Ewell East Clandon Chipstead Hurst Park Crownpits Bellfields Dormansland Burntcommon Chilworth Chaldon Castle Green Lower Kingswood Walliswood Shrubs Hill Gomshall Domewood Wrecclesham Wyke Dormans Park Westhumble Ash Green Nutfield Brockham Park Compton Mayford Stoneleigh Lower Ashtead Enton Green Abbey Mead Farleigh Lower Green Woodhatch Martyr's Green West Ewell Albury Heath Mugswell Friday Street Paynes Green Mogador Hambledon Rushmoor Burrowhill Norney Lane End Holmbury St Mary Whitebushes Bunce Common Church End Burpham Tuesley Deepcut Mead Vale Shottermill Ripley Ashurst Wood Charlwood Tongham Catteshall Deepdene East Molesey Irons Bottom Milford Rowhill Holmwood Corner Bisley Limpsfield Burgh Heath Ashley Park Beacon Hill West End Egham Wick Ranmore Common Hydestile Frimley Green Shalford Churt Woodbridge Hill Felthamhill Egham Hythe Old Woking Clark's Green New Haw Eashing Holmethorpe Parkgate Normandy Chertsey Meads Tilford Common Netherne on-the-Hill Tandridge Brockham Row Town Warwick Wold Chiddingfold Boundstone Highstreet Green Green Cross Coldharbour Whiteley Village Cramhurst Strood Green Mid Holmwood Pot Common Hawk's Hill Stanners Hill Charleshill Weatherhill Farncombe Farleigh Court Hog Hatch Chattern Hill Shepperton Thorpe Pachesham Park Walton on the Hill Horne Outwood Mytchett Fairmile Ockford Ridge Mousehill Elm Corner Bisley Camp (National Shooting Centre) Sandhills Tyler's Green Mayes Green Frith Hill Slyfield Broadham Green Brook Middle Bourne St Johns Horley Thorncombe Street Miles Green Trumps Green Lingfield Whitfield Court Norwood Hill Farnham Worplesdon Povey Cross Cartbridge Heath End Kingfield Sheets Heath Pains Hill May's Green Ottershaw Upper Hale Compton Lower Halliford West Bedfont Elstead Shepherd's Hill Bishopsgate Shellwood Cross West Molesey Sidlow Aaron's Hill Send Grove Oatlands Park The Sands Mimbridge Felbridge Chelsham Pyrford Green Newdigate Woodham Brewer Street Crawley Hill Dunsfold Common Ewhurst Green Littleton West End Thursley Whyteleafe St George's Hill Stroude Critchmere Blackbrook Merstham Holland Epsom Wonersh Brook Place Doversgreen West Clandon Wormley Jacobs Well Palmers Cross Esher Westfield Hoe