img
Annual Accounts Service in the UK

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.

What is an auto-enrolment pension? What is an auto-enrolment pension?

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:

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

Reach us today.

If you want to take your accounting work to the next level, then reach us today without wasting time.

Gives us a Call

0208 8611685

Send me Mail

info@phs-uk.co.uk

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.

img

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

Location

© Copyright 2024 PHS Associates Acc & Co

Company number - 08670151