Quarterly VAT Return
As a registered business in the UK, you must understand how important it is to submit your VAT return to HMRC every three months. It is called the 'Accounting Period' between your submissions. You are required to make advance payments, either monthly or quarterly, towards your VAT bill during your accounting period and the final price upon submitting your VAT return. HMRC mandates this as of April 2022 for VAT-registered businesses to use software compatible with Making Tax Digital for their quarterly VAT returns. Your existing online account is no longer suitable to submit your VAT return, and failing to file using MTD-compatible software may lead to penalties from HMRC.
The expert team at Affotax has mastered the what and how of MTD VAT submission in the UK and is ready to take the burden off your shoulders. Our MTD-compatible software allows you to have the best experience in your digital 'quarterly VAT return' submission. We promise accurate and timely submissions of your VAT quarters – get a quote today!
Basic VAT Return Filing Package
Our basic package covers the essentials for quarterly MTD VAT return submission, ensuring accurate and hassle-free compliance with HMRC's digital tax initiative. Ideal for businesses with quarterly turnover < £5K.
Package includes:
- Quarterly MTD VAT return preparation
- Review of bookkeeping record. VAT transactions
- Submission to HMRC
Standard VAT Return Filing
Our standard package covers the essentials for quarterly MTD VAT return submission, ensuring accurate and hassle-free compliance with HMRC's digital tax initiative. This package is ideal for businesses with quarterly turnover > £5K.
Package includes:
- Quarterly MTD VAT return preparation
- Review of bookkeeping record. VAT transactions
- Submission to HMRC
- VAT consultation
Benefits of Our ‘Quarterly VAT Return’ Services:
Choose our 'Quarterly VAT Return' service and reach new heights of comfort and success by streamlining your VAT reporting processes. Get a quote now!
FAQs:
1. What is the Quarterly MTD VAT Return Submission?
Quarterly MTD VAT Return Submission involves electronically reporting your business's VAT information to HMRC on a quarterly basis as part of the Making Tax Digital initiative.
2. Why is accurate MTD VAT Return submission important?
Accurate MTD VAT Return submission is important for compliance with HMRC's digital tax requirements and it also helps in providing visibility into your VAT liabilities.
3. What does the Essential MTD VAT Return Package include?
Our essential MTD VAT return package includes:
- Quarterly MTD VAT return preparation
- Review of bookkeeping records and VAT transactions
- Submission to HMRC
4. How does the Comprehensive MTD VAT Return package differ?
Our Standard Package covers the essentials for quarterly MTD VAT Return submission, ensuring accurate and hassle-free compliance with HMRC's digital tax initiative. Ideal for businesses with quarterly turnover > £5K.
The package includes:
- Quarterly MTD VAT return preparation
- Review of bookkeeping records and VAT transactions
- Submission to HMRC
- VAT Consultation
5. Are there penalties for late MTD VAT Return submissions?
Yes, late submissions may lead to penalties. Affotax can help you file your quarterly VAT return accurately and on time, so get a quote today.
6. Can I switch between MTD VAT Return packages as my business needs change?
Yes, you can upgrade or downgrade your package based on your VAT reporting requirements because our packages are flexible to suit our clients' needs.
7. How often should I review my MTD VAT Return transactions for accuracy?
You should review your MTD VAT return transactions regularly; ideally monthly reviews are perfect. It reduces the risk of errors and fines.
8. What if I have specific questions or need personalised advice?
If you have further inquiries about our 'quarterly VAT return' services, or need personalised advice, our team at Affotax will be more than happy to assist or answer your questions.
The thought of choosing the wrong platform or service can be haunting. Put your trust in Affotax and we will make sure you choose us every time you are stuck in the tax world. Contact us today!
