Filing of VAT Returns
If your business has an annual turnover of £100,000 or more you must now submit your VAT Return online. For help and assistance please contact our team on 0131 556 8595. However if you are already VAT registered and have a turnover less than this amount you may still submit paper-based VAT returns. If this is the case please also contact us to go over how we can help you.
VAT and Stamp Duty Rates
Here are some useful links about stamp duty in the UK:
- Stamp Duty UK - useful site about stamp duty in the UK.
- Stamp Duty Rates in the UK - HMRC info about stamp duty.
- VAT and Stamp Duty Rates - calculators.
VAT and Your Business
It is clear that when starting up a new business many individuals aim to focus on direct taxes. However we need to realise that Value added tax (VAT) is a critically important issue too.
You will typically have to complete VAT returns each month or each quarter depending on the size of your turnover and type of trade. VAT can have a major impact on cash flow as this tax is payable one month and twelve days after the VAT period end.
Therefore it is important that the correct amount of output VAT is declared and the correct amount of input vat is reclaimed. This then becomes the figure for your VAT return. There are many rules that are applied to determine the correct level of VAT declared and these are different for each industry.
The best way to monitor your VAT affairs is to use an effective bookkeeping system. It is important to use a system that will serve your organisation’s needs and synchronise with your appointed accountancy firm.
It is important to appoint an accountancy firm that will understand your accountancy needs. For help and assistance and more advise please contact our VAT department to find out about our VAT services – 0131 556 8595
More useful VAT and Stamp Duty Rates links:
Online VAT Return registration information
An alternative to the HMRC stamp Duty calculator
Free VAT calculator
