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VAT Returns

At the end of each VAT period which is usually every three months you will need to fill in a VAT return.  A VAT return will tell HMRC the following;

 

  • How much Vat you charged your customers
  • How much VAT you paid on purchases and are entitled to claim back
  • The VAT you must pay to HMRC which is the amount of VAT you charged your customers less the VAT you paid on your purchases.  If the difference between the VAT you charged your customers less the VAT you paid on your purchases results in a negative figure then HMRC will repay this figure to you.
  • The total value of sales and purchases you have made
  • The total amount of sales and purchases you have made
  • The total amount of goods sold to customers or purchased from suppliers in other European Union countries

 

The rules relating to VAT are many and can be complex and we at KR Accountants will ensure you comply with all the rules and pay the correct amount of VAT and no more.

 

How we can help

 

If you would like to discuss any of the above please contact KR Accountants so we can arrange a No obligation FREE initial meeting to carry out a business review were we will offer you a FIXED FEE accountancy service with no hourly charges or hidden costs

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