If your turnover is more than the current VAT threshold then you may have to register for VAT. If this is the case then you will have to complete and submit a VAT return to HMRC, usually each quarter.
However, even if you are not required to register it can sometimes be beneficial to register voluntarily. Deciding whether you have to or should register can be confusing but don’t worry, help is at hand. We can talk this through with you and ensure that you receive the best advice possible based on your circumstances.
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.’
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.
Further information can be found at: https://www.gov.uk/vat-returns
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