The UK operates a system of self-assessment – this means the taxpayer is responsible for ensuring the information reported to HMRC is complete and accurate. Businesses are penalised for late payment of VAT and for inaccuracies in VAT returns.
A business will typically submit UK VAT returns to HMRC on a quarterly basis. Depending on the size of the business, it may also be required to comply with Making Tax Digital (MTD) in the UK.
We work with our clients to prepare and submit VAT returns to HMRC on their behalf. As part of this process, we review VAT invoices to ensure the correct paperwork is held to evidence VAT recovery.
We can submit VAT returns that comply with MTD and can advise clients on the requirement for digital records to support the returns.
We can also anticipate queries from HMRC regarding VAT returns and advise accordingly. HMRC will often query the first VAT return submitted by a newly VAT-registered business. It is also standard practice for HMRC to review repayment VAT returns before authorising the repayment to the business.
We have significant experience in managing HMRC enquiries and will do all we can to ensure that your business receives its repayments as quickly as possible.