Need help with VAT returns? Call Diamond Financial
Unless otherwise stated a business, whether sole-trader, partnership or limited company, which has a turnover of £82,000 or more per annum has to register with HMRC to pay VAT. A VAT return is generally submitted every quarter for each three monthly accounting period. Submitting a VAT return is usually one of those tasks which business people find arduous and time-consuming. Why take time out from running your business when the experts can do it for you? Diamond Financial, Chartered Certified Accountants can help you with everything VAT related from registering your company for Value Added Tax to filling out those tedious, but necessary, quarterly returns.
What’s involved in filling out a VAT return?
If your company is about to reach the £82,000 threshold you will need to register with HMRC and start to complete quarterly Value Added Tax returns. In simple terms this means you need to calculate how much VAT your company has paid to your suppliers, subtract it from the VAT your customers have paid to your company and either claim back the difference if you have paid more, or send a payment to HMRC if you received more than you paid. Are you still with us? Good. Sounds simple and it is if you know exactly what you’re doing, like us. However, unless you know exactly which goods and services are subject to VAT and those which aren’t why tie yourself up in knots? Give the donkey work to us and leave yourself free to get on with what matters to you most – building your business.
For more information on VAT call Diamond Financial now
If your business is located in Edinburgh or further North and you would like to find out more about VAT then call Diamond Financial on 0131 222 9680, or if you live in the Borders, call our Duns office on 01361 884466