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
- 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.