Once you are VAT registered it is mandatory to submit VAT returns to HMRC regularly. VAT Returns are submitted to inform HMRC how much VAT you’ve charged to your customers and how much VAT you have paid to other businesses on the goods or services that you have purchased for your business. You usually need to file a VAT Return to HMRC every 3 months. This is known as your ‘accounting period’. If you’re registered for VAT, you must submit a VAT Return even if you have no VAT to pay or reclaim.
Since 2012, electronic payment and filing of VAT returns has been mandatory in the UK. Returns should be submitted electronically to HMRC.
The deadline for submitting your VAT return online is usually one calendar month and 7 days after the end of an accounting period. This is also the deadline for making your VAT payment to HMRC. Discrepancies in the fillings or late fillings of UK VAT returns and late VAT payments can result in penalties. If you make your VAT payment late the penalty amount goes up after 16 days, and then again after 31 days. You will also be charged late payment interest from the first day your payment is overdue, until you pay in full.
Filling of VAT returns can be complex and overwhelming for businesses especially when you are filing the return for the first time. Not having adequate experience or lack of understanding of rules and regulations can result in errors which can create further issues in the future. It is best to rely on professionals for important fillings such as VAT returns.
We work closely with a number of qualified and UK registered Accountancy Firms that offer end to end VAT return filling services. They cover all necessary aspects of your filing from helping you to understand your filing dates, reconciling your books to submitting your VAT the returns to HMRC on your behalf.
Simply fill out the form on our website using the below button. We will share it with our partners and then provide you with a guide quote from them. If you agree we will then put you in touch with them directly so that you can discuss your requirements in greater detail with them.