VAT RETURNS

The VAT return is the form which is filed with HMRC to show how much VAT you will be paying them.

If your turnover for the year exceeds, or you believe that it is likely that it will exceed £85,000*, then you must register for VAT and ensure that you;

1. File a VAT return to HMRC every quarter and;
2. Charge VAT – currently 20% on any products or services which you provide or buy

There are three different rates of VAT which can be charged – zero rate 0%, reduced rate 5% * and standard rate 20% *  but did you know that some goods are actually exempt from VAT such as educational services and that there are specific VAT rules which must be adhered to for some trades?

Our team at Mckenzies would be happy to advise you on any VAT questions you may have and if you would like us to file your VAT return, we can make sure that the VAT you pay and charge balances and who knows, you might even be entitled to a refund from HMRC!

*Figures at the time of writing, November 2019