VAT Returns and MTD 

What Is VAT?

Value Added Tax (VAT) can be the most worrying part of tax for small business owners. Many find it daunting and even avoid it even when they could be saving money. There are a lot of factors involved in VAT returns, from registering correctly, to sending the correct returns on time.

Not everyone needs to be VAT registered, but some companies may benefit from registering early.

Do I need to register for VAT?

• If your business turnover for the previous 12 months exceeds the threshold for VAT, yes
• If you are predicted to exceed this threshold soon, you may be required to register
Sole traders, partnerships and Limited companies can all register for VAT and must do see if the above is met.
There is more than one scheme for VAT. Picking the right scheme could make a big difference to how much you pay. Don’t guess, contact us and we can help advise on the right scheme for you.

Can I Reclaim VAT?

VAT can be reclaimed on goods and services purchased for business use. If the purchase is also used for personal use, only part of the VAT can be reclaimed. We can help you make sure you’re reclaiming for all the correct items and paying the right amount of VAT. 

VAT Services from TJ Whiffen? 

Contact us to find out how we can help you specifically, we tailor our VAT offering to your business. Depending on your needs we can help:

• Register your business for VAT on the best scheme for your business
• Help setup your chosen software for MTD returns
• Advise on how to make the most of tax breaks and exemptions
• Compile and submit your returns


What is MTD?

Making Tax Digital (MTD) is the process of submitting your VAT returns to HMRC online via compatible software.
As long as the information in your accounting software is accurate, your return will be correct. We can aid setting the system up and keeping your information up to date.
VAT businesses above the threshold are required to submit via MTD. After April 2022 VAT registered business below the threshold will be required to use MTD also.

What Do I Need For MDT?

You need to keep your VAT records digitally and submit your return to HMRC digitally. Most modern accounting software packages have these capabilities.

Can I Submit VAT Without Software?

If you don’t use software compatible with HMRC, we can use our software to complete the return for you. Bridging software can also be used to take data from other sources (i.e. spreadsheets) and submit to HMRC.