Ld Chartered Accountants: Everything You Need to Know About Vat Return

LD Chartered Accountants & Management Consultants is a professional service, customer centric firm with offices in London. We offer accounting, business advisory, and taxation services.

VAT return is a form you must fill in the HMRC that tells how much you have collected from other businesses and how much you have paid to others. Every business that has completed the VAT registration must complete the VAT return even if they don’t have to pay or reclaim.

From the day you have registered the business for VAT you will need to charge VAT on taxable sales. Also you will be able to reclaim the purchase and expenses of the business.

How to calculate VAT return?

Unless you are using the flat rate scheme you can calculate the VAT return by following the various steps-

Add up the total VAT you have collected through sales.
Add the total VAT that you have paid on expenses and business-related purchases.
Deduct your paid VAT numbers from the collected VAT numbers.
If you get the result in positive numbers you will need to pay that amount to HMRC and if you get the negative number then you will be refunded by them.


Email: info@ldcharteredaccountants.com

Visit us: https://www.ldcharteredaccountants.com/

Call: (+44) 020 3286 7970

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