VAT Explained

Value Added Tax or VAT is a tax levied on goods and services sold in the UK. VAT is collected by businesses when the goods or services are sold. VAT is the major source of revenue for the British Government.  

VAT Registration

Any business with annual sales/turnover in excess of £70.000 is required to register for VAT. Small businesses and startups can choose to register for VAT even if their annual sales are below this amount.    

Requirements

Every business registered with VAT is required to file quarterly VAT returns HMRC. This return will detail the amount your business paid out in VAT while paying for rent, equipments and any other business expenses, as well as the amount of VAT your business collected while selling goods or services during the quarter. These two amounts are offset from each other and usually the balance is sent to HMRC.

Let Us Help

Brilliant Accountants has a highly qualified staff of accountants that can help you easily and efficiently file your quarterly VAT returns. Often businesses inadvertently overpay or underpay the amount of VAT each quarter because they do not have trained staff to process transactions and make correct calculations. If this is your case call us now to discuss your needs.

Service Fees

​The price for quarterly VAT return depends on the amount of transactions your business had, however it usually lies within  £55-£85.

VAT Course on DVD