Yes, our qualified experts determine your business’s current financial requirements and then suggest an appropriate and ideal VAT scheme that suits your VAT requirements and complies with the legal regulations of HMRC.
Trusted VAT Return Services at AccountingByte
VAT return services feel like a burden on your shoulders? Give us a chance to assist you with our premium finance services, and you focus on your business growth. The team of AccountingByte steps in to make your VAT process smooth, reliable, and hassle-free.
To know more, drop a message and get in touch with our team. Whether you are a sole trader or a large business entrepreneur, we are here to assist with your VAT services needs.
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VAT Return Services for Small Businesses & Startups
Small businesses and startups often face the risks of missing deadlines for filing the Value Added Tax declarations and incorrect tax calculations, and the assessment of VAT rates. However, with the trusted VAT return services from AccountingByte, you can ensure that your firm complies with legal obligations with the timely submission of its VAT returns to HMRC.
Since Value Added Tax is levied on sales and purchases of most goods and services, your business needs to charge it appropriately to consumers and file the declaration to avoid fines, penalties, or other legal challenges. With AccountingByte, your firm will have optimal record-keeping of financial details for accurate calculations of VAT charges and MTD compliance.
Why VAT Compliance Matters for Your Business
The Value Added Tax (VAT) compliance is crucial for adhering to the legal requirements, while it assists in significantly enhancing the user trust, business credibility, and reducing the risks of penalties. Furthermore, efficient VAT compliance is necessary and delivers several other benefits, including:
Helps in Avoiding Legal Concerns and Fines
If your business fails to adhere to VAT regulations or if there is an error in the calculation of the VAT amount, you might face certain legal concerns or fines, penalties, or interest expenses.
Regulatory Obligations for Small Businesses or Startups
Small businesses are obliged to comply with particular VAT compliance requirements, such as registering timely with HMRC for VAT when the revenue goes beyond £90,000. Furthermore, issuing accurate VAT invoices and keeping comprehensive records of all the VAT transactions are essential to comply with legal requirements.
Enhances Financial Stability and Cash Flow Management
With accurate calculation of VAT charges and efficient VAT management, your business can improve financial health by mitigating unnecessary bills or fines. Furthermore, leveraging the appropriate VAT amount on sales will assist in optimal cash flow management.
Improves User Trust and Credibility in your Business
VAT-registered businesses that comply with government regulations build user credibility as they appear legitimate and lawful to consumers, suppliers, and other businesses, which significantly improves brand reputation.
Ensures Efficient Record-Keeping
To keep a check on your business’s financial performance, it is crucial to maintain VAT compliance, which ultimately brings the need for efficient record-keeping and helps in making strategic decisions.
Assists in Streamlining Operations
With the use of modern technology and compliance with the needs of Making Tax Digital (MTD), your business will ensure proper utilization of digital tools for VAT compliance. Furthermore, these assist in automating tasks such as record-keeping for better transparency and operational efficiency.
Our VAT Return Services
AccountingByte is among the leading and trusted firms that provide reliable VAT return services, as we ensure optimal VAT management and timely submissions, while catering to all of your VAT services requirements. However, to understand in detail the VAT return services we offer, refer to the pointers below:
VAT Preparation and Filing
Our team of qualified experts ensures accurate preparation and filing of your firm’s VAT returns. Whether you file the VAT returns monthly, quarterly, or annually, our team has you covered. Furthermore, we ensure an appropriate assessment of your business’s financial details to calculate an accurate VAT amount to be submitted according to the HMRC norms.
Help Choosing the Right VAT Scheme
While several VAT schemes are available based on different categories of business, it becomes crucial to analyze the ideal VAT scheme suitable for your business. At AccountingByte, we guide you towards the different VAT schemes that assist you in choosing the suitable one based on your revenue and industry standards for optimal cost savings.
Review of VAT Transactions
To avoid any disruptive fines or penalties, our team ensures error-free calculations of VAT charges, along with efficient monitoring of VAT transactions that assist in the timely identification of any irregularities or missing invoices. This monitoring ensures efficient financial management with the scope of minimal errors and risks.
Timely Submissions to HMRC
Since it is crucial to file VAT returns on time to avoid heavy penalties, we schedule eligible submissions before the deadline. Subsequently, the deadline is generally 1 month or 7 days after your VAT accounting period ends, and our team ensures that your eligible VAT amount is submitted to HMRC promptly through the HMRC digital system.
What’s Included in Our VAT Return Service
As a leading and reliable VAT reporting firm, AccountingByte delivers prominent results and timely submission of your VAT returns to ensure your business complies with legal obligations. However, our services bring several optimal benefits for your firm, including:
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Contact UsAccurate VAT Calculations and Reporting
Our highly skilled team ensures accurate calculations of all the input and output tax that is liable for all the sales and expenditure incurred, along with the necessary adjustments.
Consequently, this ensures your firm can avoid costly errors, and we file VAT returns before the deadline to HMRC using MTD-compatible software.
Configuring Payments to Ensure Optimal Reclamation of Input VAT
We ensure to optimize your VAT payments, which is an essential aspect in ensuring your business can reclaim a significant amount of paid VAT. Subsequently, you can reclaim input VAT on the expenditure of authorized purchases and lower your tax bills.
Adjusting According to VAT Changes
While the VAT rates often change as per Government policies, we adapt to the VAT changes and ensure your firm complies with the correct VAT rates. Subsequently, we assist you in selecting the ideal VAT schemes so that your small business or startup can streamline reporting and file timely submissions.
Record Keeping and Reconcilations
At AccountingByte, we ensure efficient and accurate bookkeeping and record-keeping for the financial records of your income and expenditure for accurate VAT calculations. Furthermore, our team will perform bank reconciliations to verify the VAT data reporting to mitigate irregularities.
Error and Risk Mitigation
Our Value Added Tax return services assist your business in avoiding costly errors through accurate calculations and timely submissions, which removes the risk of heavy penalties or legal consequences.
Consequently, our qualified team will guide you on mitigating Value Added Tax errors from previous years, along with HMRC representation in case a full audit is required.
Registration / Deregistration
Businesses are under the obligation to file the VAT returns quarterly and register within 30 days, once their taxable revenue exceeds the registration threshold of £90,000 in 12 months. With the help of a trusted accounting firm like AccountingByte, your firm can easily register with HMRC and file VAT declarations timely with accurate calculations.
However, it is also essential to use a Making Tax Digital (MTD) approved accounting software for digital record-keeping and submission of taxes. To seamlessly complete the registration process, your business needs the following documents:
- Registration Number of your company or your National Insurance Number
- Your firm’s bank account details
- Your Unique Taxpayer Reference (UTR)
- Annual revenue details
- Details of the estimated taxable turnover that you expect for the next 12 months.
Making Tax Digital (MTD)
As a part of a government-mandated HMRC initiative, all the VAT-registered and authorized businesses are required to file Value Added Tax returns digitally through HMRC’s digital accounting systems. From April 2022, HMRC made it mandatory for all VAT-registered businesses to use MTD-compliant software, as the comprehensive details are mentioned on the Gov.uk website.
Furthermore, the MTD initiative was designed to streamline the tax reporting process via digital record-keeping and filing the returns online. Subsequently, you can avail the services of a trusted service like AccountingByte that can help your firm register with HMRC for your digital submission of VAT returns.
Cross-border/e-commerce VAT
The cross-border and e-commerce Value Added Tax is the charge levied based on consumption and depends on the consumer’s location where the sale has happened. As per the current criteria, your business is required to file a VAT declaration if the fundamental value or key threshold is £135 per shipment.
However, if your business is outside the UK region and you are delivering taxable consignments in the UK, it is essential for your business to be VAT registered and MTD compliant.
With the help of a trusted accounting firm in the UK, such as AccountingByte, you can focus on your business growth, as we will take care of all your accounting needs. Our team ensures prompt submission of VAT liability after careful assessment and calculation of shipment value, legal requirements, VAT charges, and your threshold turnover.
How Our VAT Process Works
At AccountingByte, we ensure that your small business or startups efficiently comply with the legal requirements and filing of VAT returns through error-free calculations and digital record-keeping of financial data. However, our VAT return services work through a streamlined process that includes:
Initial VAT Registration
Our services begin with the initial assessment of your firm’s financial records to determine if you are obliged to pay this tax as per HMRC guidelines. Businesses only need to submit the VAT returns once their threshold turnover goes past £90,000.
Furthermore, if your firm is obliged to submit the tax returns, we will help you in registering with the digital application to HMRC and setting up for MTD.
Bookkeeping, Compliance, and Digital Record-keeping
We ensure optimal monitoring of financial records digitally via efficient bookkeeping and record-keeping services. Since your firm must file the correct returns to avoid legal repercussions, we ensure timely compliance with all the recorded financial data of all the sales and purchase invoices to find any discrepancies.
Filing of VAT Returns
While the mistakes in your VAT calculations can be costly and incur heavy fines and penalties, missing the deadline for VAT return filing can also bring legal troubles.
Hence, our skilled experts ensure that your small business or startup has the correct calculation of VAT with MTD-compatible software and timely submission of the VAT returns every quarter digitally to HMRC.
VAT Consultancy and Suggestions
Our services are designed to bring prominent cost savings to your firm, along with optimal savings of resources, as we suggest you correct VAT schemes based on your business’s financial needs.
In addition, we adapt to VAT changes and perform regular audits, along with providing you with a representative to answer HMRC questions.
500
K+
Total VAT Savings
500 +
Satisfied Clients
100
Success Rate
0
Missed Deadlines
Technology & Software We Use for VAT Filing
Since early 2022, all VAT-registered businesses have been obliged to file returns using MTD-compliant software, and we ensure the optimal use of HMRC-authorized MTD-compliant accounting software to file accurate returns.
Additionally, AccountingByte makes sure to use the leading accounting or ERP software, such as Xero, QuickBooks, Sage, and FreeAgent, for well-organized data keeping and timely filing of Value Added Tax returns. These are cloud-hosted accounting solutions that offer scalability and simplify the filing process.
With efficient error management and adherence to regulatory authorities, these software solutions for MTD VAT-compliance assist in automating the accounting requirements and hassle-free record keeping.
Who We Serve – Small Businesses, Startups, E-commerce Sellers
How we help small businesses comply with legal regulations and file VAT returns
Our accounting services ensure your small business doesn’t have to face costly mistakes and incur any penalties or interest charges, as our team reviews and maintains your financial records to submit accurate VAT returns.
With transparent monthly pricing and a highly skilled accounting team, we assist your firm in saving time and resources, along with mitigating risk by determining VAT rates and schemes, along adapting to VAT changes.
How we help startups comply with legal regulations and file VAT returns
We assist startups in assessing the need for VAT registration. If your startup has a threshold turnover of over £90,000, you are liable to register for VAT and file returns every 3 months. However, our accounting services include financial reporting, bookkeeping, payroll services, and expense tracking, along with VAT returns to ensure optimal financial management of your firm.
How we help e-commerce sellers comply with legal regulations and file VAT returns
E-Commerce sellers need to have digital record-keeping of their financial records and file the VAT returns if their threshold revenue exceeds £90,000.
With the help of reliable VAT return and accounting services from AccountingByte, e-commerce sellers ensure they are MTD-compliant and avoid legal or costly troubles. Subsequently, we also ensure automation of tasks and tracking of sales and VAT data for operational efficiency of your e-commerce platform.
Not sure which category you fall into?
Book a free consultation and we’ll help you determine the best VAT solution for your business
Our Clients
Pricing Structure & Packages
Our straightforward packages have fixed-cost packages that are offered according to your business complexity and tax needs. No additional fees, no shock fees, simply a normal pricing formula that increases with your requirement, so that you get the right support at the same time, keeping a predictable price you can budget with:
Monthly Plan
£140 – £170 per month
- Bookkeeping & VAT Management
- Monthly Transaction Recording
- Invoice Processing & Reconciliation
- Payment Tracking & Follow-ups
- Monthly Financial Reports
- Email & Chat Support
- Basic Tax Consultation
VAT Filing Only (Budget Option)
£100 – £150 per quarter
£450 – £500 per year
- HMRC VAT Return Filing
- VAT Computation & Review
- Error Check & Compliance
- Email Support
Our Pricing Guarantee
No hidden fees. No surprise charges. Just transparent, honest pricing with exceptional service.
Client Success Stories / Real Life VAT Savings
Have a look at what our client says about our Value Added Tax return services:
How Our Team Assisted a Small Business to Save £20,000
One of our prominent clients encountered a discrepancy between the tax rates and the exemption, and filed a return worth £20,000 at a zero percent rate. But the HMRC rejected their returns and demanded the standard tax rate, and this discrepancy disrupted the firm’s operations.
However, with the help of AccountingByte, they were able to successfully reverse the decision, as we provided them with essential documentation that was required after carefully examining all the financial records and legal obligations.
£20,000 VAT dispute
Problem
HMRC reversal achieved
Solution
Small Business – London
Manufacturing Company
How We Ensured £12,000 VAT Savings for a Prominent Startup
Lack of proper book-keeping and digital record-keeping of financial records led one of our clients to face the liability of a higher tax amount. Due to a misunderstanding of VAT charges and a lack of proper knowledge, their VAT liability kept increasing.
However, our skilled expert assisted them and suggested a flat-rate VAT scheme to HMRC that delivered optimal benefits. Subsequently, HMRC reduced the VAT arrears from £50,000 to £38,000, delivering £12,000 VAT savings.
£50,000 VAT arrears
Problem
Reduced to £38,000
Solution
SaaS Company – Manchester
Tech Startup
Frequently Asked Questions (VAT Return Services)
Q1. Does AccountingByte help in switching the VAT scheme?
Q2. What documents are required for the registration of Value Added Tax?
The necessary documents that your firm needs to register for VAT include details of the bank account, business registration certificate, business ownership proof, and your National Insurance number or tax identification number.
Q3. What penalty is incurred for a late VAT return?
Late VAT return can incur severe charges, such as having to pay penalty points and a £200 penalty, or a 25% tax surcharge on the tax on the remaining tax amount, or other interest charges may apply.
Q4. Are my financial records secure with AccountingByte?
Yes, AccountingByte promises that all of your financial data, records of revenue and expenditure, along with other financial information, is totally secure, as our trained experts diligently follow the strict data protection practices.
Q5. What accounting software is supported by AccountingByte?
Since April 2022, it has been mandatory for VAT-registered businesses to comply with MTD-compliant software. Hence, we ensure the usage of leading and reliable platforms such as Xero, QuickBooks, Sage, and FreeAgent to file your VAT returns.
Q6. Is it worth it for small businesses and startups to be VAT registered?
Yes, small businesses and startups need to be VAT registered if their revenue threshold exceeds £90,000. However, if your firm’s revenue is lower than this number, you can still get registered to avail several benefits, such as reclaiming input tax and enhancing business credibility.
Q7. How often do you need to file the Value Added Tax returns?
According to the government regulations, if your firm is VAT-registered, you are required to file the VAT returns every 3 months to HMRC digitally using the MTD-compliant software.
Q8. What is the amount of VAT threshold for services in the UK?
The Value Added Tax threshold is the level of amount of revenue after which a business in the UK has to register for VAT, and currently the threshold is £90,000 in taxable revenue.
Q9. Can you reclaim the input Value Added Tax amount on purchases made before registering?
Yes, you can still reclaim the VAT incurred on purchases before registering if they are made on goods from the past 4 years that your firm currently uses, or for the services incurred from the last 6 months.
Q10. Is VAT calculated on turnover or profit?
The VAT return that you are obliged to submit is calculated on the turnover or total revenue and not on the profit gained, as the turnover includes the revenue generated from sales, excluding the VAT amount.