Value Added Tax in Wirral
Value Added Tax, also known as VAT, is levied on taxable supplies made in the UK by a 'taxable person' carrying on a business. This may be a partnership, an unincorporated association, a limited company, or an individual.
Credit is given for VAT paid to other businesses and the net balance is either payable or reclaimable.
There are complex rules which govern the operation of the VAT regime, from filing VAT Returns, to dealing with VAT invoices, together with record-keeping requirements.
Using standard VAT accounting, you will need to submit a VAT return to HMRC every quarter. Businesses with regular repayments can choose to make monthly returns, while the Annual Accounting Scheme requires businesses to submit just 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 Dufton Kellner in Wirral.