Is it necessary for me to file a VAT return?

In addition, you may choose to register for VAT on your own initiative if submitting VAT returns will allow you to be more tax efficient!

If you register before the deadline, you will be required to comply with the rules and submit VAT returns on a regular basis, just as you would if you registered after the deadline. If you are not VAT registered, and you do not need to be, you will not be required to file a VAT return with the government.

What is the procedure for submitting a VAT return?

Making Tax Digital (MTD) is changing the way that VAT-registered businesses must submit their returns as a result of the implementation of MTD.

Businesses with a turnover in excess of the registration threshold are currently required to submit their returns in accordance with MTD regulations. Starting with their first VAT period beginning on, all VAT-registered businesses must comply with the new requirements.

Under the rules, you must maintain digital tax records and submit your VAT return electronically – either through the use of bridging software or directly through MTD-approved software – to avoid penalties.

The various types of VAT schemes, as well as what they imply for your VAT return

There are a variety of VAT schemes available, and choosing the one that best suits your company's needs can make a significant difference in the amount of VAT you owe and, perhaps more importantly, the amount of VAT you owe each month.

The HMRC website goes into greater detail about the various types of VAT schemes that are available, though a good tax accountant will work with you to ensure that you are on the most advantageous scheme possible.

Is it possible for me to switch to a different scheme?

To answer your question, yes, you can switch from one VAT scheme to another, switch from cash to accrual accounting, and even de-register from VAT altogether. Just keep in mind that any of these changes must be implemented with meticulous attention to detail in accordance with the guidelines, and that they will have an impact on how and when you file your VAT return.

Will I receive a refund if I submit a VAT claim?

It's not often that the word 'good news' is used in conjunction with the word 'VAT,' so this is a rare occurrence! If you have paid more VAT than you have collected in sales, HMRC will refund the difference to you once your VAT return has been submitted. This usually occurs within 28 days of the initial request.

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