Let us worry about your quarterly VAT returns
VAT returns are usually made on a quarterly basis, supported by a VAT account. If your business is registered on the standard rate VAT scheme, all invoices to your customers during the period of the return are totalled to calculate the total VAT you have charged on your sales. This is known as ‘output tax’. You then total the VAT charged by your suppliers to you on your purchases, which is known as ‘input tax’. The difference between the two total figures is what you will then pay over to HM Revenue and Customs – or if you are lucky could be what you are owed. Under the flat rate VAT scheme the process is slightly different as you won’t declare VAT you have paid on purchases. Instead you will calculate a percentage of the VAT you have charged on your sales and this is what you will pay over to HM Revenue and Customs.
If that sounds like a lot of work, don’t panic. We can take care of all your quarterly VAT-related accounting activities – and submit your VAT returns on your behalf to HMRC.