VAT-registered companies are legally required to submit precise VAT returns, detailing payments received, and VAT charged. These returns determine whether a business owes VAT or is eligible for a refund.
H.HIM Chartered Accounting & Tax Services specialise in VAT accounting, offering expert guidance on HMRC-compliant software for Making Tax Digital (MTD). Contact us for streamlined VAT compliance and efficient financial management.
VAT Registration Requirements
Businesses, including sole traders, with an annual turnover of £85,000 or more must register for VAT with HMRC. Registration can be completed online or through authorised accountants.
VAT Return Filing Options
VAT returns are typically filed quarterly, with options for monthly or annual submissions available to businesses. It is mandatory to maintain VAT records for at least six years.
Making Tax Digital for VAT
Since April 1st, 2019, most VAT registered businesses earning over £85,000 must comply with Making Tax Digital (MTD). This initiative requires using compatible software, and Gov.uk provides a guide to approved options. At H.HIM Chartered Accounting & Tax Services, we help businesses select and integrate suitable MTD-compliant software tailored to their operational needs.
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