VAT Returns Services
At Ultra Tax Ltd, we specialise in providing comprehensive VAT services to both new businesses and well-established companies. Our expert accountants ensure your VAT liabilities are met, freeing you to focus on growing your business. Whether you're just starting out or need support managing ongoing VAT obligations, we have tailored solutions to help you navigate the complex VAT regulations in the UK.
What is a VAT Return?
A VAT return is a form that businesses registered for VAT must submit to HMRC, usually every three months. It details the VAT you’ve charged on sales (output VAT) and the VAT you’ve paid on purchases (input VAT). If your input VAT exceeds the output VAT, HMRC may refund the difference. On the other hand, if you’ve collected more VAT than you’ve paid, you must pay the difference to HMRC.
Our VAT Return Solutions
At Ultra Tax Ltd, we provide a full range of VAT return services, ensuring that you’re always compliant with HMRC regulations. We offer:
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VAT Registration & Deregistration: We help you decide when it's right to register for VAT or deregister to benefit from your business’s financial situation.
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Ongoing VAT Support: We continuously monitor your business to ensure you stay compliant with VAT rules, offering advice on VAT schemes and how they apply to your business.
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VAT Returns: We handle your VAT return filing from start to finish, ensuring all calculations are accurate and submitted on time to avoid penalties.
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VAT Schemes Advice: We’ll advise if you're eligible for VAT schemes like the Flat Rate Scheme, Margin Scheme, or Annual Accounting Scheme, and assess which will benefit your business the most.
Why Choose Our VAT Return Services?
Our VAT return services provide your business with the expertise needed to manage VAT obligations effectively. Here’s why businesses choose us:
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Expert Advice on VAT Schemes:
We’ll assess whether adopting VAT schemes can lead to significant tax savings and reduced administrative burdens. By choosing the right scheme, you can save time and money on bookkeeping. -
VAT Compliance:
We ensure your VAT claims are accurate, claiming all the input VAT you’re entitled to and paying only what’s required, thus maximising your VAT savings. -
Acting as Your VAT Agent:
We liaise directly with HMRC on your behalf, taking care of VAT correspondence and submitting VAT returns for you. -
Deadline Management:
Our experienced accountants make sure that your VAT returns are filed on time, keeping you ahead of deadlines and preventing any late penalties. -
Peace of Mind:
Late VAT registration, errors, or missed VAT payments can lead to hefty fines. With us managing your VAT affairs, you’ll never have to worry about penalties or mistakes.
Who Needs to Register for VAT?
If your business’s taxable turnover exceeds £85,000 (the current VAT threshold), you are legally required to register for VAT. Even if your turnover is below this threshold, voluntarily registering for VAT can be beneficial, particularly if you’re dealing with other VAT-registered businesses.
Benefits of Voluntary VAT Registration
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Increased Business Credibility:
Registering for VAT can make your business look larger and more credible to clients, even if your turnover is below the threshold. -
Reclaim VAT on Purchases:
By registering for VAT, you can reclaim the VAT you pay on purchases, helping reduce costs, particularly if you buy from VAT-registered suppliers.
How Our VAT Service Saves You Time and Money
Managing VAT internally can be time-consuming and prone to errors. By outsourcing your VAT returns to Ultra Tax Ltd, you can focus on your core business activities while we ensure your VAT is handled accurately and efficiently. We provide competitive pricing, offer fixed-fee services, and tailor our solutions to meet the specific needs of your business.
How to Submit VAT Returns with Ultra Tax Ltd
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Provide Your Business Records:
We’ll need your sales and purchase records for the VAT period in question, along with any VAT receipts. -
We Handle the Rest:
Our accountants will complete your VAT return, ensuring all eligible VAT is reclaimed and only the correct amount is paid. -
Submission to HMRC:
We’ll submit the VAT return on your behalf, keeping you compliant with all VAT deadlines.
VAT Penalties and Late Submissions
HMRC imposes penalties for incorrect VAT returns or late submissions. At Ultra Tax Ltd, we take steps to ensure you’re never in breach of VAT rules. By managing your VAT returns professionally, you can avoid late fees, interest charges, and other penalties that come from non-compliance.
Need Help with VAT? Get in Touch Today!
Our VAT return services are designed to provide peace of mind, ensuring your business is always VAT compliant. Contact us today to learn more about how we can help with VAT registration, returns, and compliance. We offer a free consultation and fixed-fee pricing for all VAT services.
See how Ultra Tax Ltd can help you with your VAT Returns
Looking for more than just VAT?
At Ultra Tax Ltd, we provide a full range of accounting services, including tax returns, payroll, and bookkeeping. Discover how our comprehensive services can support your business's success.