Our team has been operating for over thirty years. During this time, we’ve gathered extensive knowledge of accounting as a whole. We use this understanding to assist clients in a variety of areas. Today, we are the number one business specialising in VAT returns London has.
Comprehending VAT and tax responsibilities needs to be a priority for all entrepreneurs who are in the initial stages of creating a company. HMRC has redoubled its efforts in the battle against unpaid business taxes. As a result, smaller establishments have become a larger target. We want owners of these companies to have long-standing relationships with the tax office. As such, we’ve taken it upon ourselves to explain the differences between VAT and tax returns.
Tax
Sole traders, self-employed persons, and small business owners must pay tax on company profits to HMRC annually. For the latter, a tax return by and large alludes to the self-assessment. This is a yearly presentation of business loss and profits. It includes capital gains, national insurance payments, and revenue. You have to tax workplace pension schemes and staff wages as well. However, these payments are normally made automatically every month.
VAT
The VAT return looks at how much tax you have to pay because of your revenue. It is this minus the amount of VAT you’re able to recover on business expenses. You submit it to HMRC quarterly. Completed returns shall inform you whether you’re owed a VAT refund or how much you have to pay. When the reclaimable amount exceeds the VAT due on sales, HMRC repays the difference to you.
At Brian G Lonis & Co, we offer a cost efficient VAT service that aids you in overseeing your requirements. In addition, our service certifies that you’re not making any overpayments. We have a lot of experience to call on, making us the top choice for VAT returns London has.
If you need assistance with completing your own VAT, please get in touch with us.