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Frequently asked questions
What are quarterly VAT returns and who needs them?
Quarterly VAT returns are submissions made to HMRC every three months by businesses that are VAT-registered. They report the amount of VAT charged on sales and the VAT paid on purchases. Any business with taxable turnover above the threshold must register and submit these returns. Professional accountants can assist in preparing accurate filings.
How can an ACCA or ICAEW qualified accountant help with VAT compliance?
ACCA and ICAEW accountants possess in-depth knowledge of the country’s tax legislation. They ensure your VAT returns are correct, identify reclaimable input tax, and keep you updated on regulatory changes. Their expertise reduces the risk of errors and penalties, and they can represent you in HMRC enquiries if needed.
What is the deadline for submitting quarterly VAT returns?
The deadline for submitting a quarterly VAT return and making payment is usually one calendar month and seven days after the end of the VAT quarter. For example, if your quarter ends 31 March, the return is due by 7 May. Missing the deadline can result in surcharges, so using a professional accountant helps maintain timely submissions.
Can a VAT-registered business file quarterly returns without an accountant?
Yes, it is possible to file quarterly VAT returns yourself using HMRC’s online services. However, the process can be complex, especially for businesses with multiple transactions, partial exemption, or cross-border supplies. A qualified accountant can save time and ensure compliance, reducing the risk of costly mistakes.
What is the difference between VAT and Corporation Tax?
VAT is a consumption tax collected on most goods and services, while Corporation Tax is a tax on company profits. VAT returns are typically filed quarterly, whereas Corporation Tax is assessed annually via a company tax return. Both require accurate record-keeping, and many accountants handle both obligations for their clients.
How do I choose the right accountant for quarterly VAT returns?
When selecting an accountant, look for qualifications such as ACCA, ICAEW, or AAT membership. Consider their experience with your industry, location, and whether they offer online or in-person support. Platforms like AccountingFirms.co.uk allow you to compare fees and reviews, making it easier to find a professional suited to your needs.
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