VAT Returns
Submitting your VAT return doesn’t need to be stressful
It’s one of those must-do incredibly tedious tasks that always gets left to the last minute. There is always something more important to do, right?
Wouldn’t it be great to sit back, chill and be confident that your VAT tax return is being taken care of?
Our expert team of accountants can help.
Stress Free Accountancy Service
Here at Mazuma we understand the stresses involved in running a small business. Our hassle-free subscription based accounting services can take one of those stresses off of your hands. We help start-ups, sole traders, small businesses, freelancers and Limited companies with their monthly accounts.
We will do your
- Monthly management accounts
- Bookkeeping
- VAT returns
- Monthly payroll
- Statutory end of year accounts
- Corporation or partnership tax return
- Self assessment tax return
Looking to Switch Accountants?
As a small business owner, freelancer or contractor, spare time is precious. Switching your accountant may not be a priority and often get pushed to the bottom of the “to-do” list.
VAT Return Service
Do I need to submit a VAT return?
If you are a VAT registered business you need to submit a VAT return to HMRC either monthly, quarterly or annually.
How is my VAT return worked out?
VAT charged on your sales – VAT you can reclaim on business expenses = your VAT return
A completed VAT return will either show how much is owed to HMRC, or whether you are due a VAT refund. There are also some goods and services that are exempt from VAT, just to make it that little bit more confusing.
How do I submit my VAT Return?
If you have the time and the knowledge you can do it yourself or you can use Mazuma’s VAT return service, we will do it on your behalf.
Leaving your VAT to us means you can feel reassured it’s done both quickly and correctly – so you have more time to focus on your business.
- We carefully process your bookkeeping and check that everything is in order
- We ensure all the VAT your business has charged is claimed for
- We’ll then send you the accurate figures which you can submit to HMRC
We also keep you updated on those dreaded deadlines, so you don’t have to worry about being caught out.
What are the consequences of getting my VAT return wrong?
As a business owner, we know you’re super busy. You’re juggling a million and one things, and the last thing you want is to worry about incorrectly submitting your VAT return…
If the worst happened and you did make a mistake when submitting your VAT return, or if you miss the deadline, HMRC can ‘default’ your company on its VAT liabilities. While you’re in the ‘default’ stage, you could face various surcharges or penalties:
Surcharges
You may be required to pay a surcharge if HMRC don’t receive your VAT return by the deadline; or if full payment for the VAT hasn’t reached their account by the deadline.
Penalties
HMRC can also issue you with a penalty for failing to submit your tax return by the deadline or by failing to disclose the required information. These can be:
- 100% of any tax that is inaccurately recorded
- 30% of an VAT return assessment – this is a sneaky one! If HMRC sends you a VAT return assessment that’s too low but you don’t tell them it’s wrong within 30 days, you’ll be the one who gets the penalty
- £400 for submitting a paper VAT Return – unless HMRC has told you that you’re exempt from submitting your return online, then you’re in the clear
Sounds scary, right? We know! There’s a lot to be aware of when it comes to penalties and surcharges. Luckily for you, that’s where we can help.
VAT questions and answers
A huge bonus of hiring a team of expert accountants to take care of your VAT return is that you can be confident all the figures are correct.
The deadline for submitting the return online and paying HMRC is usually the same. It’s one calendar month and 7 days after the end of your VAT period.