You usually submit a VAT Return to HM Revenue and Customs (HMRC) every three 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
- the VAT liability / refund that will be due to or from HMRC
You must submit a VAT Return even if you have no VAT to pay or reclaim.
There are various schemes in place that the business can register for and these may be more favourable to the business than the standard VAT scheme.
All businesses must register for VAT if they offer supplies or services that fall under the VAT regime, once the turnover reaches the registration limit as set by HMRC. Businesses may also voluntarily register for VAT.
If you would like to discuss your business and VAT registration, please contact CAW Accountancy.
Find out more with CAW Accountancy.
- Email: enquiries@cawaccountancy.com
- Tel: 07925 672468