VAT Returns Wirral
Wirral Bookkeeping manage VAT Returns Wirral for SME’s. There are many schemes available for businesses which impact exactly how we calculate your VAT. We assess each businesses records and structure to ensure the correct scheme is applied.
We can take care of the pressure of filing VAT returns Wirral for you to ensure you do not forget about anything. Each period we file VAT returns and this comes output VAT and input VAT. Output VAT signifies all the tax you’ve charged to your clients on your invoices and input tax being the VAT you have paid from invoices elsewhere.
We will collate this information on your behalf and file your VAT returns for you, in most cases saving you money in the process as having a professional accountancy service dedicated to the cause will allow your business to claim back more VAT than what you possibly imagined you could.
Bookkeeping Services for SME’s in the North West
More About VAT
You do not have to register for VAT until your business hits the £83,000 (2015 tax year) threshold in a 12 month time period. Once you reach this number, then compulsory VAT has to be registered.
If your company deals with many other customers that are VAT registered, it could be in your interest to go VAT registered even if you’re not hitting the £81,000 threshold (Give us a call for more info as to why)
Currently standard VAT is 20%, however there are other VAT levels we can explain that could be beneficial to your business.
Your VAT online account notifys you:
- when your VAT Returns are due
- when the payment must clear HM Revenue and Customs’ (HMRC) account
- The deadline for submitting the return online and paying HMRC are usually the same – 1 calendar month and 7 days after the
- end of an accounting period. You must allow time for the payment to reach HMRC’s account.
Pay your VAT bill
You must pay VAT to HMRC electronically, eg through direct debit or internet banking. Most businesses aren’t allowed to pay by cheque.