Value Added Tax (VAT)
Maintaining your VAT records and returns is time consuming and prone to errors.
Expertly navigating the intricate regulatory complexities, including Making Tax Digital (MTD), we ensure precise calculations and timely submissions.
Choose our VAT return and regulation services to save time and feel confident that your compliance is in capable hands.
What is ‘Making Tax Digital’?
Making Tax Digital (MTD) is a UK government initiative that requires businesses to keep and file their tax records digitally. Instead of traditional paper-based methods, businesses use digital tools to maintain records and submit VAT returns online.
What is VAT?
VAT stands for Value Added Tax.
It is a type of consumption tax that is added to the price of goods and services at each stage of production and sale. The final consumer is responsible for paying the VAT, but it is collected by businesses at each stage.
What happens when you reach the VAT threshold?
If you exceed the 12-month £90,000 threshold, you must register with HMRC within 30 days of the end of the month you surpassed the threshold.
Your registration date is then the first day of the second month after you exceeded the threshold.
Can I claim back VAT?
Generally, you can reclaim VAT on business-related purchases, subject to compliance with HMRC rules. Eligibility for reclaiming depends on your business activities and expenses.
Get help from Cobble
Need support with your VAT compliance and filing?
Get in touch with our team to discuss your needs and how we can help.