VAT Returns

Once a company taxable turnover over a 12 month period exceeds the minimum VAT earning threshold, by law the company must register for VAT. This means companies must add Output VAT to the value of their sales and services invoices which is payable to HMRC. This can be offset by Input VAT claimable on goods and services purchased.

VAT is chargeable at three different rates:

  • Standard Rate
  • Reduced Rate
  • Zero Rate

Once registered, VAT returns must be submitted to HMRC every three months. Failure to comply will lead to penalties.

We provide our clients with the use of out MTD software platform to ensure they are compliant with the Making Tax Digital for VAT legislation.