Accounts & Bookkeeping

WHAT IS A VAT RETURN?

A VAT return has to be completed by any company that has a turnover of £79,000 (as from 1 April 2013) and above and therefore needs to be VAT – registered. So what is a VAT return? A VAT return involves input and output VAT. Input VAT is defined as VAT that can be reclaimed on any purchases that a company makes in order to operate, whilst output VAT is the VAT that is due on any sales that a company makes. Many companies can find the completion of a VAT return to be incredibly complex and time-consuming, which is why such a high number of businesses choose to outsource their VAT return duties to expert accountancy firms.
Don’t Be Stung By Fines
If a VAT return is completed incorrectly, the penalties can be tough and can include profit-draining fines as well as interest. Some companies remain unsure about what they can and cannot reclaim input VAT on, which is why it makes sense to outsource VAT to the professionals. The expertise and knowledge of the best accountancy firms means that the margin for error is greatly reduced, leading to returns being completed accurately and on-time, and without costly charges being incurred.
Increasing Complexity
If you’re wondering ‘what is a VAT return and how do I deal with it?’ in 2013, you may find the answers to be more complex than you previously expected. VAT returns have got more complex as the years have gone by, with imports and exports now needing to be featured on the returns. This can be massively time-consuming and if it is attempted in-house, your staff can find themselves being dragged away from other important obligations. Employing your own in-house accountancy team can be expensive too, but when you outsource your accounts to the experts, you should find yourself making exceptional savings. Every aspect of a VAT return can be dealt with professionally on your behalf, freeing your team up to concentrate on what they do best.
Benefit From Expert Advice
There are various VAT schemes out there too, and without expert knowledge of accountancy it can be tough to decide which of these is best for your organisation. Get it wrong and you could find yourself paying far more VAT than is necessary. VAT returns often need to be dealt with numerous times per annum, creating regular headaches for businesses that lack the resources to deal with them efficiently. You can also choose to outsource various other aspects of your accounts to external organisations, making life easier for you and your staff, safe in the knowledge that your financial matters are being attended to with the utmost accuracy on your behalf.

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