What Checks Do We Perform on Your VAT Return?
Our expert accountants ensure everything is ticked of when submitting a VAT return. In this article we explain exactly what needs to be covered.
At Finance Box, ensuring accuracy and compliance in your VAT returns is a top priority. Before submitting your VAT return, we carry out a series of thorough checks to make sure everything is in order. Here’s what we review:
1. Reviewing VAT Records
We go through your sales and purchase invoices to ensure VAT is applied correctly. This includes verifying whether the correct VAT rate (standard, reduced, or zero) has been applied to your transactions.
2. Ensuring Accuracy of Figures
It’s essential that the figures you provide match your financial records. We compare your VAT return figures with your bookkeeping records to ensure no discrepancies. Any inconsistencies are flagged and reviewed before submission.
3. Correct VAT on Purchases
We check that the VAT you’ve reclaimed on purchases (input VAT) aligns with the VAT regulations. This includes ensuring the VAT is only reclaimed on qualifying business expenses.
4. Checking VAT Thresholds
We keep an eye on your turnover in case your business is approaching or exceeding VAT thresholds that could affect the VAT rate or require special schemes. Staying on top of these changes helps prevent any compliance issues.
5. Partial Exemption
For businesses that fall under partial exemption, we perform an in-depth analysis to ensure VAT recovery is calculated properly. This is especially relevant for companies with both taxable and VAT-exempt sales.
6. Identifying Errors or Omissions
Our team meticulously combs through your VAT return to identify any errors, missed invoices, or potential omissions. We make sure everything is captured and aligned with HMRC guidelines.
7. Compliance with Deadlines
We make sure your VAT returns are submitted before the deadline to avoid any late penalties. We also ensure that the correct payment is made to HMRC, so you stay compliant.
8. Advising on VAT Schemes
We check if you're on the right VAT scheme for your business. Whether it's the flat rate, cash accounting, or the annual accounting scheme, we ensure you're making the best choice for your financial needs.
Why Finance Box?
At Finance Box, we understand that VAT compliance can be tricky and time-consuming. Our expert accountants take the stress off your hands, ensuring that your VAT returns are accurate, compliant, and submitted on time. By carrying out these checks, we ensure peace of mind, allowing you to focus on running your business.
If you need expert assistance with your VAT returns, contact Finance Box today! We're here to help make VAT compliance simple and stress-free.