Vat returns Services in the UK

VAT returns are an essential part of running a business in the UK, helping you stay compliant with HMRC regulations and avoid costly penalties. As a VAT-registered business, you are required to accurately calculate, report, and submit your VAT returns-usually every quarter-detailing the VAT you have charged customers and the VAT you have paid to suppliers.

PHS Associates offers dedicated VAT return services designed to make this process straightforward and stress-free. We handle everything from preparing and reviewing your VAT records to submitting your return on time, ensuring you never miss a deadline and can focus on growing your business.

What Are VAT return services

VAT return services are designed to make VAT compliance straightforward and hassle-free. Every aspect of your VAT return is managed efficiently, giving you peace of mind and helping you avoid penalties or missed deadlines.

Preparation and submission of VAT returns to HMRC

Timely reminders for all VAT return due dates and payment deadlines

Expert support for filing VAT returns online or by your preferred method

Advice on the most suitable VAT schemes for your business

Thorough review and reconciliation of VAT records for complete accuracy

VAT Return Deadlines and Due Datess

Understanding your VAT return deadlines is crucial for staying compliant and avoiding unnecessary penalties. Typically, you must submit your VAT return and make any payment due within 1 month and 7 days after the end of your VAT accounting period. For instance, if your VAT period ends on 31st March, both your return and payment must reach HMRC by 7th May.

It’s important to remember that different payment methods can affect how quickly your payment is processed by HMRC. Online payments are usually faster, while cheques or bank transfers may take longer. To ensure your VAT return and payment are received on time, always check the specific deadlines for your business and plan your submission and payment method in advance.

Why Choose Our VAT Return Service

Expertise You Can Trust

Our experienced team ensures accurate and compliant annual accounts reports customised to your business needs.

Time-Saving Solutions

We handle all aspects of your accounts, allowing you to focus on growing your business.

Complete Support

We offer additional bookkeeping and VAT services for a complete financial solution.

Maximised Savings

Our professionals identify tax-saving opportunities to help you retain more of your hard-earned money.

How to File and Submit VAT Returns

Filing and submitting your VAT return is a straightforward process when you follow these essential steps:

File and Submit VAT Returns

Gather Records
Collect all sales and purchase invoices and receipts for the VAT period.
Calculate VAT
Work out total VAT charged to customers and VAT paid on business purchases.
Prepare VAT Return
Use compatible accounting software or HMRC’s online portal to prepare your VAT return.
Submit VAT Return
Submit your VAT return electronically via the approved software or portal.
Make Payment
Pay any VAT due using your preferred payment method (online banking, direct debit, etc.).

Who we support

We provide customised Annual Accounts services to diverse clients, including:

Small Businesses

We help manage financial reporting, ensuring compliance and maximising savings.

Freelancers and Sole Traders

Our team simplifies accounting, enabling accurate record-keeping and effortless tax compliance.

Startups

We establish sound accounting practices to support growth and innovation from the start.

Limited Companies

Our services include complete annual accounts report preparation to meet regulatory requirements.

Non-Profit Organisations

We assist charities in maintaining financial transparency, allowing them to focus on their mission.

Expert VAT Guidance with Flexible Support Packages

No Customised support for small businesses, startups, contractors, freelancers, landlords, and sole traders.

Access to expert VAT advice and guidance, including up-to-date compliance and solutions for complex issues.

Flexible service packages- choose full VAT management or occasional expert support as needed.

Free accounting software to streamline record-keeping and online VAT submissions

Thorough review and reconciliation of VAT records for complete accuracy

Frequently Asked Questions

Annual accounts, also known as statutory accounts, are financial documents that summarise a company's financial activities over a specific period, usually one year. These accounts are essential for reporting to Companies House and HM Revenue and Customs (HMRC). They typically include a balance sheet, profit and loss account, notes about the accounts, and sometimes a director's report.

Yes, you can prepare your company accounts in the UK. However, while it's possible, many business owners choose to hire an accountant to ensure accuracy and compliance with legal requirements. An accountant can help navigate complex regulations and provide valuable insights into your financial situation.

Balance Sheet: Shows what the company owns (assets), owes (liabilities), and the net worth (equity) at the end of the financial year. Profit and Loss Account: Details the company's income, expenses, and profit or loss over the year. Notes to the Accounts: Provide additional context and explanations about specific figures in the accounts. Director’s Report: Summarises the company’s performance and future outlook (unless exempt).

Financial statements are a broader term that includes various reports like balance sheets and profit and loss accounts. Annual accounts specifically refer to the complete set of financial statements prepared at the end of a company's financial year for submission to Companies House and HMRC. In essence, all annual accounts are financial statements, but not all financial statements are annual accounts.

Reading annual accounts involves understanding key components: Balance Sheet: Look at assets vs. liabilities to gauge financial health. Profit and Loss Account: Check revenue against expenses to see if the company is profitable. Notes: Read these for context on accounting policies or unusual transactions. Director’s Report: This section provides insights into management's view on performance and plans. By focusing on these areas, you can get a clear picture of a company's financial status and performance over the year.

PHS Associates Acc & Co is led by a skilled team with expertise in Accounting, Taxation, Payroll, Business consultancy, and Company secretarial services.

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Company number - 08670151

Vat returns Services in the UK

What Are VAT return services

VAT Return Deadlines and Due Datess