Jacobs Allen helps hundreds of businesses every year in Suffolk with their VAT returns.
There’s a need to be alert to ever-changing regulations and how they impact your business, as it is your responsibility to get it right. Also, the growing demands of HM Revenue & Customs means VAT compliance can be a complex administrative process for the unwary businessperson. So much of your company cash flow can be tied up in VAT, making it essential to manage your VAT returns efficiently and effectively.
We can help you comply with the regulations, make returns on time to avoid penalties and ensure that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service to companies in Haverhill, Bury St Edmunds and across Suffolk.
This includes:
- Assistance with VAT registration;
- Advice on VAT planning and administration;
- Use of the most appropriate scheme;
- VAT control and reconciliation;
- Help with completing VAT returns;
- Planning to minimise future problems with HM Revenue & Customs, and negotiating with HM Revenue & Customs in disputes and representing you at VAT tribunals if necessary.
If you need help with your VAT contact us or call 01284 704260
FAQs
Do I need an accountant for VAT returns?
You don’t need to have an accountant to complete your VAT returns and it is possible for anyone to complete these. If you don’t have the knowledge, expertise or time then it is worth instructing a qualified and reputable accountant to complete your returns for you.
Does HMRC check every VAT rteturn?
HMRC doesn’t check every VAT return. HMRC uses a computerised system to select companies for auditing. Some of the criteria considered are the company’s trade, turnover and previous compiance hisotry.
What happens if I don’t file a VAT return?
From January 2023, a new penalty regime operates. There are separate penalties for late filing a return (even a nil one!) and for late payment of the VAT due. Every lateness earns a penalty point and there is a £200 penalty when you reach 4 points, usually for quarterly filers. Every one of subsequent late filings or payments also triggers the penalty. You have to file amnd pay on time for a period, usually a year, for the penalty points to be reset to Nil.
Do all VAT returns have to be digital?
Since April 2022, all VAT registered businesses regardless of size need to submit their VAT returns digitally. In order to submit your VAT return, you will need to use compatible software.
