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VAT returns aren’t the same as tax returns

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Clients choose to work with us because we have been working in the accounting industry for many years. Our knowledge of the profession is vast. We are therefore ready to handle all sorts of issues. For instance, our team is the greatest one working in VAT returns Stratford has. We will work with you to find the best solution.

A VAT (Value Added Tax) Return determines the amount of tax a company need to pay or expects to recover. The taxes are overseen by HMRC. In the majority of instances, VAT returns, as well as the accompanying payments, are quarterly. When you first establish your company, understanding all the taxes that could apply is critical. It isn’t always a requirement to register for VAT. You also must know how and when it could affect you. Something else you need to understand is how to tell the difference between a VAT return and Tax return.

Charges and recoveries

VAT returns StratfordVAT charges depend on your transactions. This is true for both expenditure and income. It has differences from annual tax returns. They are based on those profits declared by a company throughout the accounting year. You must submit VAT returns to HMRC periodically too, using the schedule you agree to at the point of registration. It could be an annual, quarterly, or monthly arrangement. This is also different from the tax you pay on the company’s profits.

You might be VAT registered when doing your yearly tax return. If so, it is critical to utilise your net income figure. The reason for this is that VAT is not income for your company. It is cash you collect on HMRC’s behalf. For businesses registered for VAT under the flat rate scheme, they are required to report the gain or loss from being registered under this scheme too. That is part of the annual return.

The best help with VAT returns in Stratford

At Brian G Lonis & Co we have quite the reputation for offering first class services and advice. Regardless of the sector our client belongs to or how big or small their business is, we do our best to help them. Our aim is to offer high value, cost efficient solutions. We tailor them to your specifications too.

So, if you need aid from the number one company working in VAT returns Stratford has, please call us. You can tell us any issues you have and we can resolve them. Plus, we can help with other things like HMRC investigations.