If you are VAT registered, you are responsible for submitting regular VAT returns (usually quarterly). VAT is applied to your sales and this is what must be paid to HMRC. But also – VAT paid to suppliers can be reclaimed. All of which must be declared to the Revenue. We help businesses in the Bury St Edmunds area by taking care of their VAT returns for them.
When businesses cross the VAT registration threshold, they must register for VAT and start adding this to vatable goods and services that they supply. Some businesses may well benefit from being VAT registered and can choose to register at any time. Typically business to business sellers could benefit from registering as they will then be able to reclaim VAT on goods and services that they purchase, but their customers can do the same and so are not affected.
We can help guide you to make the right decisions for your business and also deal with the administration on your behalf.