VAT Returns - be on time every time - with Tabularius

VAT Returns

Be efficient, not evasive

Love it or hate it, Value Added Tax (VAT)  is here to stay. It is vital to ensure you are paying the correct rate of VAT, and you are paying on time.

You must abide by these rules and if you find, for whatever reason, that you are unable to pay your VAT on time, it is imperative that you inform  HMRC immediately. You can avoid getting into this situation by engaging a  Bookkeeper on a regular basis, who will continually be looking at your business finances and can give you assistance so that you do not, hopefully, get into that situation.

There are fines for all sorts of reasons, which can be:

  • the penalty for late registration
  • penalties for inaccuracies
  • the misdeclaration penalty for large or repeated errors
  • the penalty for evasion involving dishonesty
  • interest charged on under declarations

You can find out more on www.gov.uk/guidance/vat-guide-notice-700 

Or you could call the VAT Helpline on 0300 200 3700 available Monday to Friday 8am – 6pm. Closed on Saturday and Sunday and Bank Holidays.

From 4th January 2011, VAT increased form 17.5% to 20% on most goods and services.

VAT Returns - be on time every time - with Tabularius 4

Who can apply for an exemption

Applications are assessed on a case by case basis. You might be exempt if you:

  • cannot use computers, software or the internet because of a disability or where you live
  • object to using computers on religious grounds

You’re automatically exempt and do not need to apply if:

  • you’re already exempt from filing VAT Returns online
  • your taxable turnover is below £85,000
  • you or your business are subject to an insolvency procedure

Applying for an Exemption

To apply for an exemption you need to contact HMRC by phone or write to them.

BEFORE you contact them you will need the following:

  • your VAT registration number
  • your business name and address
  • details of how you currently file your VAT Return
  • the reason you think you’re exempt from Making Tax Digital
  • authorisation from the business (if you’re applying on someone’s behalf)
  • You’ll get a letter with HMRC’s decision.

By phone – 0300 200 3700 or if you cannot speak or hear on the phone – call 18001 then 0300 200 3100.

By post – BIG TIP- send it by recorded delivery so you can check it’s been signed for online via the Royal Mail website. This address will be on your receipt.

HM Revenue and Customs - VAT Written Enquiries Team
Portcullis House
21 India Street
Glasgow
G2 4PZ
United Kingdom

HMRC may make a Tax Investigation to your business premises if they are not satisfied with the way you are conducting your VAT. It would be advisable to contact your Insurance Broker to see if they can provide  a policy to cover for this unfortunate event.

Alternatively, some Accountants also offer this service. It may also  be worth speaking with The Federation Of Small Businesses or the Chamber of Commerce regarding this. There would be a fee for joining up to these services, but it may be worth a phone call for an initial chat.

Tabularius Bookkeepers in Worksop can put you in touch with a trusted Broker who will come to see you free of charge to discuss this.

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