Value Added Tax in Leamington Spa

Value Added Tax (VAT) is chargeable on taxable supplies made in the UK by a 'taxable person' carrying on a business. This may be an individual, a partnership, an unincorporated association, or a limited company.

Credit is given for VAT paid to other businesses and the net balance is either payable or reclaimable.

From completing Returns, to the form and content of VAT invoices, the VAT regime is governed by detailed rules and regulations. There are also specific record-keeping requirements that must be met.

VAT returns must be submitted to HMRC every quarter. Businesses with regular repayments may make monthly returns, while those using the Annual Accounting Scheme need make only one return a year.

VAT returns are usually filed one month after the end of the VAT period. The tax due is also paid at this point. The majority of businesses must now submit their VAT returns online and pay the VAT electronically.

To find out how we can help with your VAT needs, visit our Services section or contact Michael Harwood & Co in Leamington Spa.