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Introduction
Value Added Tax (VAT) is a tax paid by businesses on the goods and services they provide. Businesses must regularly file and pay VAT returns to HM Revenue & Customs (HMRC). This guide explains the VAT return process.
Who Needs to File a VAT Return
All VAT registered businesses must complete and file regular VAT returns. This includes: Sole traders and partnerships with VAT taxable turnover over £85,000 , Limited companies, Unincorporated associations like clubs and societies, Not-for-profit entities like charities and schools.
Filing Deadlines
VAT return deadlines depend on how you file:
- Most UK businesses submit VAT returns on a quarterly basis.
- Quarterly VAT return deadlines are typically one month and seven days after the end of the accounting period.
- VAT payments are due by the same deadline as the return filing.
- Businesses eligible for annual accounting have a deadline two months after the end of the accounting year.
- All VAT returns must be submitted online using HM Revenue & Customs (HMRC) approved software.
- VAT payments are made electronically using various payment methods.
- Late submissions or payments may incur surcharge periods with escalating penalties.
- Businesses can make adjustments or corrections in subsequent periods for identified errors.
- Specific circumstances may lead to different VAT accounting periods for certain businesses.
- Late submissions or payments may result in penalties, interest charges, and potential further actions by HMRC.
- Seeking professional advice or using accounting services can ensure compliance and timely VAT return submissions, avoiding penalties.
Payment of VAT Due
Any VAT owing must be paid when you submit your return to avoid further penalties. Payments can be made electronically or by cheque.
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Registering for VAT
Submitting VAT returns
Paying VAT due to HMRC
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The date, which is company registered on companies house.
A company registration number(CRN) is a unique eight-character code assigned to incorporated businesses in the UK.
A Unique Taxpayer Reference number (UTR) is a 10-digit code that uniquely identifies you or your business.
UTRs are used by HMRC whenever they're dealing with your tax situation.
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