VAT Returns

If your business is VAT-registered, submitting VAT returns is a key part of staying compliant with HMRC regulations. VAT returns detail the amount of VAT you have charged on sales and the VAT you have paid on purchases. At W. Wilson Millar, we offer expert VAT return services to help businesses in Prestwick manage their obligations accurately and on time.

What Are VAT Returns?

Quarterly VAT Returns: Most businesses are required to submit VAT returns every three months. These returns summarise your total sales, purchases, VAT owed to HMRC, and any VAT reclaimable.
Annual VAT Returns: Some businesses opt for the Annual Accounting Scheme, which allows them to submit one VAT return per year, alongside interim payments.
VAT Reconciliation: Ensuring that the VAT figures reported match your business records, avoiding discrepancies and potential penalties.
Making Tax Digital (MTD) for VAT: All VAT-registered businesses must comply with MTD, using compatible software to keep digital records and submit VAT returns.

Key Dates for VAT Returns

1 Month and 7 Days After Quarter-End: This is the deadline for submitting your VAT return and making any payment due for the quarter. For example, for a VAT quarter ending on 31st March, the deadline would be 7th May.

Our VAT Return Services

Preparation and Submission: We prepare and submit your VAT returns, ensuring all figures are accurate and compliant with HMRC regulations.
MTD Compliance: We help your business comply with Making Tax Digital requirements, using HMRC-approved software to manage your VAT records and submissions.
VAT Registration and Deregistration: We assist with VAT registration if your business meets the turnover threshold, or deregistration if it no longer applies.
Advice on VAT Schemes: We provide guidance on the best VAT scheme for your business, such as the Flat Rate Scheme or Annual Accounting Scheme, to optimise your cash flow.
HMRC Liaison: If needed, we communicate with HMRC on your behalf, resolving any queries or issues related to your VAT returns.

Benefits of Our VAT Return Services

Compliance and Accuracy: We ensure your VAT returns are accurate and compliant with the latest HMRC regulations, reducing the risk of errors and penalties.
Time-Saving: Let us handle the complexities of VAT returns, freeing up your time to focus on growing your business.
Expert Support: Our experienced team offers tailored advice on VAT management, helping you make informed decisions and optimise your tax position.

If you’re looking for reliable and professional VAT return services in Prestwick, contact us today. We’re here to ensure your VAT obligations are handled smoothly and efficiently.

*All information correct at 9th Jan, 2025*