What does VAT Stands for?
VAT is the type of return tax you file to show how much VAT dues you have to pay to HMRC. Basically your VAT keeps a record of all your sales and purchases done in a specific period. It consists of the amount to be in debt and the amount you reclaim and what exactly your VAT refund is. You must have to refund your VAT even if you don’t have to pay or reclaim any VAT.
What is the date to file VAT?
VAT form is filed at the end of each accounting period, which is probably the third month. Well it’s necessary to file your VAT every year. You also need to add relevant start and end dates on each form of VAT at time of returns. Your VAT online account also helps you to know about when your VAT is due and when you have to clear the amount to HMRC account. Both things deadlines are usually the same, so you must arrange the amount before the deadline proceeds.
How to Calculate Your VAT Amount?
Well there is a simple formula to calculate your VAT amount. Basically the VAT amount is known to calculate the VAT due on sale that is called your output VAT. Beside that the amount you reclaim on purchases is subtracted by the amount of VAT this is called your input VAT. The final amount is the figure you pay. If the amount you regain is higher from the amount that is due then you will get a VAT refund.
What things are important to know in VAT?.
It may be hectic to know about the rules and regulations of VAT returns. But some of the basic rules you must be aware of are
- VAT has different rates including standard, reduced and zero rate.
- VAT on purchases cannot be reclaim.
- There are many penalties for errors.
These are some basic rules you must be aware of when you file a VAT return. Now AAA Accounting is here to help you file VAT return services in London. Below we are sharing a procedure on how Aaa accounting prepares your VAT in a couple of clicks.
File a VAT return with Aaa Accounting
For hiring aaa accounting to file your VAT return just visit their site and check out their portfolio. Aaa accounting are experts in providing VAT return services in London. If it is your first time with them then they will explain each and every procedure to you in a great detail. Here they will give you two options to choose depending on your opinion. You have to choose whether a flat rate scheme or a cash accounting. Furthermore, you also have to set your VAT period. Hence AAA Accounting is the best one to hire for VAT return services in London. They are London based accounting experts highly qualified in accounting, bookkeeping and tax return services. The Aaa accounting has been offering their services for the past many years.