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VAT Returns Wirral
VAT registered companies have by law to submit VAT returns which give full and accurate details of VAT payments by customers and VAT charged by suppliers.
The VAT return will also show how much VAT is owed by a business, or the amount to be refunded.
As VAT experts, Lewis Smith Accountants can guide you through VAT accounting for as little as £100 a quarter!
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Businesses including sole traders with an annual turnover of £85,000 or more have to register for VAT with HMRC. Businesses can register themselves online, or authorise their accountants to register on their behalf.
Returns are usually quarterly, but HMRC also gives businesses the option of registering for monthly and annual payments. You need to keep VAT records for at least six years.
The standard rate is 20% and applies to a very broad range of products and services. The tax applies to business purchases as well as consumer goods.
There are VAT exemptions and zero-rating for a limited range of items including books, newspapers, children’s clothing, some foods and drinks, and goods exported from the UK. A 5% rate applies to certain products and services including domestic fuel and power, installation of energy saving materials and child car seats.
At gov.uk you can see the full list of goods and services which attract non-standard VAT rates and also VAT exemptions.
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