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If you are using one of our regular bookkeeping services there is need to worry when your VAT return is due as Milton Keynes bookkeepers bright angels can produce and submit your VAT return online as part of our ongoing service.
Value Added Tax or VAT, is a tax that applies to most UK business transactions involving the sale of goods or services. It is vital to keep accurate records once you are registered for VAT.
In simple terms a business will pay VAT on its purchases (input tax) and charge VAT on its sales (output tax). For businesses whose value of sales are greater than it's value of purchases, you will pay HM Revenue and Customs the difference.
HM Revenue and Customs recognise that cashflow is very important to the small business (for turnover not more than £600,000), and you can apply the "Cash Accounting Scheme". The scheme allows you to account for VAT on the basis of when payments are made to your suppliers and when you receive payment from your customers.
Contact Milton Keynes bookkeepers bright angels today!
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