VAT Returns
Taking the hassle out of VAT returns. Our expert accountants help you stay compliant, manage deadlines, and make sense of complex VAT rules.
Expert guidance, reliable software solutions, and tailored training
Managing VAT returns can be time-consuming and complex, but it doesn’t have to be. At Hayward Wright, we support businesses with expert guidance, reliable software solutions, and tailored training. Whether you’re handling VAT for the first time or dealing with more complex requirements, we make the process simple, accurate, and fully compliant with HMRC.
Our VAT return services
We take care of the entire VAT return process and provide the tools and knowledge to help you stay in control. Here’s what we offer:
Data collection
We help you gather all relevant financial information, including sales and purchase invoices.
VAT calculations
Using trusted accountancy software, we calculate what you owe or can reclaim with precision and accuracy.
VAT submissions and returns
We prepare and submit your VAT return to HMRC on time, ensuring everything is accurate and compliant.
We also provide training and ongoing support to help you get the most from your accountancy software and to give you a clearer understanding of the VAT process. With Hayward Wright, you can be confident that your VAT is handled correctly and efficiently.
VAT returns and year-end advice
As a VAT-registered business, you are required to submit VAT returns periodically. Each return reports the VAT you have charged on your sales and the VAT you have paid on your purchases during that period. Depending on the figures, you will either make a payment to HMRC or reclaim VAT you are owed.
While VAT returns are submitted periodically, there is no separate “end-of-year” VAT return. However, at your business’s financial year-end, it is important to review all VAT returns submitted over the past twelve months. This ensures that all figures have been correctly reported and that any missed transactions, incorrect VAT rates, or other discrepancies are identified and corrected.
If errors are found, adjustments can usually be made in the next available VAT return. This process helps maintain full compliance with HMRC and ensures that your VAT records align with your annual financial statements.
At Hayward Wright, we not only handle the preparation and submission of your quarterly VAT returns but also carry out a full VAT review at your year-end. Our team ensures that:
- All input VAT you are entitled to claim has been correctly captured.
- Any VAT due is accurate and based only on what is required.
- Any corrections or adjustments are dealt with promptly and correctly.
Our proactive approach gives you complete peace of mind that your VAT obligations are met throughout the year and that your financial year-end runs smoothly.
If you would like advice on managing your VAT returns or support with year-end VAT checks, our expert team is here to help.
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Our advisers
Meet some of our team of chartered accountants and business advisers.
Harvey Lewis
Hayden Smith
Oliver Chamberlain
Oliwia Szadkowska
Need help with VAT returns? Our specialists provide expert guidance – get in touch today!
Call us:
0333 006 8809
Email us:
enquiries@haywardwright.co.uk
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FAQs
What happens if I miss a VAT submission deadline?
If you miss a VAT submission or payment deadline, HMRC may issue a penalty or charge interest on any outstanding amounts. They may also apply a surcharge if late submissions become a pattern. It is important to act quickly. If you realise you have missed a deadline, we can help you submit your return as soon as possible and advise you on how to minimise any penalties.
Is there a separate VAT return at the end of the financial year?
No, VAT returns continue to follow the normal quarterly cycle, regardless of your financial year-end. However, as part of preparing your annual accounts, it is good practice to review all VAT returns submitted during the year. This helps to identify any errors and make any necessary adjustments in the next available return.
What if I discover an error on a previous VAT return?
If you find a mistake after submitting a VAT return, minor errors can usually be corrected in your next VAT return. Larger errors may need to be reported separately to HMRC. Our team will assess the situation for you and help correct any issues properly to ensure full compliance.
How does accountancy software help with VAT returns and compliance?
Most accountancy software such as Xero, Quickbooks or Sage includes built-in VAT features that make it easier to record sales and purchase transactions, calculate VAT, and submit returns directly to HMRC through the Making Tax Digital system. Using the right software reduces the risk of errors, keeps your records organised, and saves you valuable time. We can help you choose the best software for your business and provide training so you can manage your VAT with confidence.
Can I claim back all VAT on business expenses?
Not all expenses are eligible for VAT recovery. For example, VAT on client entertainment is usually not reclaimable. Our accountants work closely with you to make sure you claim all the input VAT you are entitled to, while staying fully compliant with HMRC rules.