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VAT Return

VAT Return

You usually submit a VAT Return to HM Revenue and Customs (HMRC) every 3 months. This period of time is known as your ‘accounting period.’ Other VAT periods can be monthly and annual schemes as well.

The VAT Return records things for the accounting period like:

  • your total sales and purchases
  • the amount of VAT you owe
  • the amount of VAT you can reclaim
  • what your VAT refund from HMRC is

You must submit a VAT Return even if you have no VAT to pay or reclaim, and DD Chartered Accountant prepares VAT return and submits them to HMRC on your behalf. From April 22, most returns have to be filed under Making tax digital.

VAT Rates

If you’re registered, you have to charge VAT when you make taxable supplies. However, no VAT is charged on goods or services that are:

  • exempt from VAT
  • outside the scope of the UK VAT system

These rates may only apply if certain conditions are met, or in particular circumstances, depending on some or all of the following:

  • who’s providing or buying them
  • where they’re provided
  • how they’re presented for sale
  • the precise nature of the goods or services
  • whether you obtain the necessary evidence
  • whether you keep the right records
  • whether they’re provided with other goods and services

Other conditions may also apply.

Making Tax Digital for VAT

  • Getting compatible accounting software
  • Keeping VAT records digitally
  • Sign up for Making Tax Digital for VAT
  • Making Tax Digital for VAT
  • Making Tax Digital for Income Tax Self Assessment

Final VAT Return

You have to submit a final VAT Return when you cancel your VAT registration. DD Chartered Accountant facilitates the entire VAT Return process and guide you through the best practices.

Sources: https://www.gov.uk/ and https://www.gov.uk/vat-registration

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