Brian G Lonis & Co is an accounting firm that specialises in a myriad of areas. This includes everything to do with tax. In fact, many people consider us to be the top team to come to for help with VAT returns London has. We will provide you with whatever it is you require, from advice to a personal service.
How often do you need to submit VAT returns?
There are many questions that new businesses ask in relation to VAT. One of them is about the frequency at which you must submit your returns to HMRC. Normally, if yours is a VAT registered company, you must submit your return on a quarterly basis. It is the same for any payments that are due.
HMRC shall supply you with a VAT return when they expect one. You will need to deliver this within 30 days after the quarter’s end and no later. You can find the precise date on the VAT return form. Any establishments that fail to submit their returns on time can suffer severe penalties.
The Annual Accounting Scheme
We also feel that it is necessary to discuss the Annual Accounting Scheme. Your predicted VAT taxable turnover could be beneath £1.35million. In circumstances like these, you can use this scheme. What it means is that you would only need to submit one VAT return every year. Usually, you would do it 2 months following the scheme end’s year.
If you take part in the scheme, you will make payments that go towards your full VAT bill. This is in the months before you obtain your VAT return. The payment accounts are going to be based on your previous return. If this is your first, then they will base it on an estimate.
Once you submit your return, there could be a contrast between your final VAT bill and what you have paid. In this event, you shall get a refund if you over-paid. For anyone that has underpaid, they must make one final payment to cover the difference.
The best advice about VAT returns in London
At Brian G Lonis & Co, we can assist you with things like VAT reconciliation and control, and administrations. This kind of tax is a subject that is becoming more difficult by the year. However, that is not going to stop us from helping our clients.
If you would like to speak to the best company working in VAT returns London has, contact us today. We can give you advice and a clear fixed quote if you need a professional service.