VAT Returns - Crawley

VAT Returns can be a pain for any business; in fact, for most, it will be! There are pitfalls at every turn in the disguise of exemptions, ever-changing regulations and random inspections – that’s where we come in! We use a wide range of Making Tax Digital-compliant software in order to ensure that we have a solution for every client.

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Support

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Reporting

MTD
Compliant

VAT
Forecasting

HMRC
Support

Frequently Asked Questions

How do I register for VAT?

To register for VAT, you will need to complete the online registration form by following this link. You will need to provide some basic details of the business, like name, address and nature of the business. HMRC will then send out the VAT registration number, along with details of your first and subsequent VAT quarters.

What is the threshold for registering and deregistering for VAT?

Currently, the VAT registration threshold is £90,000 in sales in any 12-month rolling period – as soon as a business passes this threshold, they are obligated to register for VAT immediately. In order to deregister, your sales in a 12-month rolling period need to drop below £88,000, or if the business is ceasing trading. If you are unsure of your position, please get in contact.

What is Domestic Reverse Charge (DRC) VAT?

If both you and the customer/supplier you are dealing with are both CIS and VAT registered, then a different rate of VAT is applied to the transaction. This rate has the following effect on the customer and supplier:

If your sales have DRC on: the rate is applied to your sales invoice, and your customer pays the VAT on your behalf. It still needs to be shown on your VAT Return.
If your purchases have DRC on: the rate will be on an invoice you receive, and you will need to pay the VAT on their behalf. You will still claim the input VAT as usual on your VAT Return

What is the Flat Rate Scheme for VAT, and how do I apply for it?

The Flat Rate Scheme is a simplified VAT accounting method. Instead of keeping track of the VAT on each sale and purchase individually, businesses on the Flat Rate Scheme apply a fixed percentage to their total turnover. This percentage depends on the type of business they operate. While they still charge their customers VAT at the standard rate, they pay HM Revenue and Customs a lower rate. This scheme is good for businesses with low levels of expenditure, like consultants.

What are the penalties for late filing and late payment of VAT?

HMRC have introduced a new penalty system for late submission of VAT Returns. You will now be issued with a penalty point for each late submission. Once you have reached the point threshold, you will be issued with a £200 penalty. The points threshold and when they expire will depend on your VAT submission frequency – you can see what threshold you are on by following this link.

If you have a question regarding VAT Returns or would like a quote for our services, please complete the contact form below, and we will get back to you as soon as we can!

01293 525656

or

VAT Returns - Crawley

Tailored
Services

Registration
Support

Real-Time
Reporting

MTD
Compliant

VAT
Forecasting

HMRC
Support

Frequently Asked Questions

How do I register for VAT?

What is the threshold for registering and deregistering for VAT?

How do I pay my VAT?

What is Domestic Reverse Charge (DRC) VAT?

How often do I need to submit VAT Returns?

What is the Flat Rate Scheme for VAT, and how do I apply for it?

Can I reclaim the VAT on items I purchased before I registered for VAT?

What are the penalties for late filing and late payment of VAT?

If you have a question regarding VAT Returns or would like a quote for our services, please complete the contact form below, and we will get back to you as soon as we can!

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VAT Returns - Crawley

Tailored Services

Registration Support

Real-Time Reporting

MTD Compliant

VAT Forecasting

HMRC Support

Frequently Asked Questions

How do I register for VAT?

If you have a question regarding VAT Returns or would like a quote for our services, please complete the contact form below, and we will get back to you as soon as we can!

Tailored
Services

Registration
Support

Real-Time
Reporting

MTD
Compliant

VAT
Forecasting

HMRC
Support