Seamless VAT return submissions

VAT, or Value Added Tax, is a tax that is payable on a large number of goods and services within the European Union. Though consumers pay this tax, businesses that earn over a certain amount are responsible for charging it and for reporting it to HMRC in a VAT return. Navigating VAT is much easier with an accountant, like Sleek, who can advise on which products are VAT exempt and help businesses to claim back VAT on their own purchases.

Companies that turnover more than £85,000 in 12 months must register for VAT and organisations should also do this when they anticipate that they will reach this threshold in the next 30 days. All businesses outside of the UK must also register. Failure to register on time can result in late penalties; partnering with accountants such as Sleek allows you to avoid this and reduce stress and confusion.

You can register for VAT at gov.uk and submit tax returns to HMRC online. You’ll then need to keep digital records that show all VAT, VAT invoices and a record of sales and purchases. Accounting services such as Sleek can provide you with VAT consultancy to help you to navigate the process of keeping on top of VAT, which can be complicated and time-consuming.

Businesses outside of the UK, companies that turnover more than £85,000 in 12 months, and organisations that anticipate making over £85,000 in 30 days should all register for VAT. Other businesses, other than those that sell VAT exempt products, can also choose to register for VAT.

A VAT registration number or VAT number is a unique identification number that is assigned to any business registered for VAT. It is used when inputting VAT returns. You can check what your VAT number is on the government website or with your accountant.