uk vat refundEvery business needs to get involved in UK VAT return after a specified period of time. The return is to be submitted to HM Revenue and Customs (HMRC). The specified time during which the UK VAT return needs to be submitted is known as the accounting period. Value added tax (VAT) is basically a tax that is to be paid by the customers on buying of goods. The amount of this tax is included in different stages of the manufacturing of the product. The amount of UK VAT return that is to be paid during the accounting period includes the following:

  • The total of sales and purchases
  • The amount of VAT you need to pay
  • The amount you are eligible to claim
  • The amount of VAT refund in HMRC

Submission of UK VAT return:

The submission of UK VAT return will be done online. However, there are some situations in which you don’t have to go through the online procedure. These conditions are explained below:

  • When your business is using computer systems on religious grounds
  • The issues of age, the area you live in or in case of any disability
  • If your business follows some kind of insolvency procedures

For further details about the situations in which you cannot submit your UK VAT return online, you can consult HMRC for this purpose. Consulting them will allow you to get into a detailed process by submitting important papers that can’t be submitted online.

Online submissions:

For the online submission of UK VAT return you need to have a VAT registration number that is specific to every business and an online account for VAT. With this information, you can submit your application of UK VAT return by using the free online service of HMRC. While using this service, you need to fill in all the required information for further proceeding. However, instead of performing each and every step by yourself, you can use the following options:

1.      An accounting software:

There are a lot of different accounting software that can be used to fill up all the information on the online services of HMRC. By using these software, you don’t have to add up all the information separately. The list of software that can be used for this purpose is present online.

2.      An accountant or an agent:

Apart from the accounting software you can use for the UK VAT return, you can also get the services of an accountant or an agent. However, you need to authorise them before you proceed.

Final VAT return:

There is a need to pay for the final VAT return if you plan to cancel your registration. It can be done by submitting an application online. After that, HMRC will send you some documents in the hard form that needs to be submitted for the cancellation of registration.

Now you can submit your UK VAT return with quite ease by using the above information.