Value Added Tax
You must be registered for vat if your taxable turnover goes over
£ 85,000
For vat schemes and further information please take a look at Business Guides – Vat,
We will check which vat scheme is right for you.
Vat Return usually quarterly or annually
We will produce the return from information received or collected from your records
Quarterly (3 months) returns are to be submitted by the 7th of the next following month
for example a vat return for March has to be submitted by the 7th May
Vat will be collected by direct debit and any vat refunds usually paid into your account by approximately 5 working days after submission to HMRC
You may get a penalty if you submit late returns, if you submit returns on time you may still get a penalty if you delay payment which will incur daily interest until paid