If you sell goods or services (or both) to customers, then you need to register for VAT if your turnover is more than the VAT threshold of £82,000.00 per year. This article talks about how to register for VAT and the deadlines for when HMRC needs you to submit your VAT return.
What is a VAT Return?
A VAT return is a document that businesses use to report their VAT liability to HMRC. The return must be filed quarterly, and businesses must keep records of their sales and purchases in order to complete the return accurately.
VAT-registered businesses charge VAT on their sales, and reclaim any VAT paid on their purchases. The difference between these two figures is the business’s VAT liability, which must be paid to HMRC. Businesses can also claim back any overpaid VAT.
The quarterly VAT return must be filed online, and businesses must keep records of their sales and purchases for at least six years.
How do I make a VAT Return online?
If you’re registered for VAT, you must file a return with HMRC every 3 months (quarterly). The deadline for filing your return and paying any VAT owed is one month and seven days after the end of the quarter.
You can file your VAT Return online through the government’s website. To do so, you’ll need to set up a Government Gateway account. Once you have an account, you can log in and follow the instructions to file your return.
If you’re not sure how to complete your VAT Return or have any other questions about VAT, you can contact HMRC’s VAT Helpline for assistance.
Do I have to submit a return online?
If you’re registered for VAT, you must file a return even if you haven’t sold anything during the period. The only exception is if your annual turnover is below the VAT registration threshold, in which case you can deregister for VAT.
If you submit your return late or do not pay the VAT you owe by the due date, you will be charged interest and may be liable for a penalty.
You can file your return online using HMRC’s VAT Online Service. You will need your VAT registration number and the Government Gateway user ID and password that were sent to you when you registered for VAT.
When do I need to submit my VAT return to HMRC?
If you are registered for VAT, you will need to submit a VAT return to HMRC on a regular basis. The frequency of your returns will depend on your VAT accounting scheme.
If you are on the Standard VAT Accounting Scheme, you will need to submit a return every quarter. Your first return must be submitted within 1 month and 7 days of the end of your first VAT period. After that, subsequent returns must be submitted by the end of the following month.
If you are on the Cash Accounting Scheme, you will only need to submit a return when you have actually received payment from your customer. This means that if you supply goods or services in December, but do not receive payment until January, you would not need to submit a return until February.
If you are registered for VAT, you will need to make a return to HMRC every quarter. This return must be submitted electronically and must include details of all the VAT you have charged and paid during the previous quarter. You will also need to pay any outstanding VAT due at this time. Making a late or incorrect VAT return can result in significant penalties, so it is important to ensure that you submit your return on time and with accurate information.