Know All About HMRC Vat Return Advice From Vat Experts

HMRC VAT Return Advice – What is a HMRC VAT Return? Basically HMRC VAT Return calculates the VAT of company which they should pay to or be reimbursed by HM Revenue and Customs (HMRC). VAT Return calculates based on: 1. Your total sales and purchases across a three-month accounting period 2. The amount of VAT you owe for sales 3. The amount of VAT you can reclaim for purchases made by your business.

The VAT return calculates the amount of VAT due on sales (called your output VAT), minus the amount of VAT you can reclaim on purchases The amount of vat return calculate based on the formula VAT due on sales - The amount of VAT you can reclaim on purchases How to do VAT returns The rules and regulations surrounding VAT returns are often quite complicated. For a full overview, you'll read the government’s VAT Guide. The essentials that you simply got to remember about are: There are different rates of VAT, including standard (20%), reduced (5%) and 0 rate (0%) You can’t always reclaim VAT on purchases, for instance for client entertaining, car purchase, or non-business use There are severe penalties for errors, including penalties of 15% for undeclared errors. VAT Return refunds If your VAT Return shows that you simply can reclaim more VAT than the quantity you owe, HMRC will refund the difference. VAT repayments are usually approved within 30 days of HMRC receiving your VAT Return. If HMRC has your bank details, the refund will go on to your checking account . If not, you'll be sent a cheque. If you face any difficulties while returning your vat, then you get a professional HMRC Vat Return Advice from our experts, here's a proactive consultancy group serving the clients since 2007 & located in the heart of the City of London. Send us a secure message from our website: www.tpcguk.com or contact us via phone: +44 (0) 207 193 7072, post or email. This will provide us with an opportunity to understand more about yourself and will provide you one of the best VAT professionals in the UK.