VALUE ADDED TAX (VAT) RETURNS

Currently all businesses and landlords with a turnover above the annual VAT threshold (currently £85,000 in 2017) are required to submit VAT returns, usually on a quarterly basis. The quarter is often referred to as a ‘Stagger’.

Whilst the vast majority of reporting entities use the ‘Regular Stagger’: – January-March, April-June, July-September and October-December – the Stagger can also be irregular, such as, December-February, March-May, June-August and September-November.

At present it is necessary for all reporting entities to keep their books and records up-to-date (day to day, week to week or month to month) or at worst prepare the quarter in one fell swoop.

We can prepare VAT returns for our clients, either on their own accounting software or by being supplied the records to use on our own accounting software.

The other benefit of such regular, quarterly preparation, is that much of the work done in preparing the accounts for a full 12-months trading period will have been done by the time the last or fourth quarter for the year has been submitted.

This allows the practice to complete the final Financial Statements or Accounts efficiently for the client to review.

The imminent onset of Making Tax Digital (MTD) will have an impact, in particular on the need to use MTD software.

For more information regarding MTD,– please contact us