VAT REGISTERED RESPONSIBILITIES

All a VAT-registered businesses must:

  • include VAT in the price of all goods and services at the correct rate
  • keep records of how much VAT you pay for things you buy for your business
  • account for VAT on any goods you import into the UK 
  • report the amount of VAT you charged your customers and the amount of VAT you paid to other businesses by sending a VAT return to HM Revenue and Customs (HMRC) - usually every 3 months
  • pay any VAT you owe to HMRC

 

 

VAT RETURNS

  • You usually need to send a VAT Return to HMRC every 3 months. This is known as your ‘accounting period’.
  • The deadline for submitting your return online is usually one calendar month and 7 days after the end of an accounting period.
  • This is also the deadline for paying HMRC.

VAT returns need to include:

  • your total sales and purchases
  • the amount of VAT you owe, can reclaim, and are owed from HMRC.
  • the VAT on the full value of what you sell, even if you:
  • receive goods or services instead of money
  • have not charged any VAT to the customer 

 

 

You can contact us here  or email enquiries@mgaservices.co.uk to enquire about MG Accounting Service UK acting as your agent to deal with HMRC on your behalf.

 

 

 

 

 

 

 

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