A VAT submission is not as simple as ticking a few boxes and pressing ‘submit’. It is something that requires confidence that accurate records and correct VAT treatments support the figures shown. Under the relatively new Making Tax Digital system, most VAT-registered businesses must file using compatible software and maintain digital records and links. This new way of filing increases the importance of an efficient system set up and clean bookkeeping. Late or incorrect submissions can trigger HMRC’s points-based penalty regime, and repeated issues can become not only costly but disruptive to your business. Professional support from our VAT experts at WR Partners reduces this risk for businesses that have multiple VAT rates, unusual transactions or simply don’t have the internal support to complete this properly.
When it comes to WR Partners, I absolutely trust their judgement, and I trust that they are there to help us.
Nick Evans, Cymryd Rhan
Our process begins by first confirming your VAT period and submission deadlines to ensure that the returns align with what HMRC expects for that reporting cycle. Before we file your returns, we’ll comb through the submission and sense check key aspects and movements, review large or unusual claims, and check for common issues such as missing invoices. If it is relevant, we’ll confirm that your digital records and links meet MTD expectations so that the submission can be made successfully through your chosen software. Once everything is approved, we’ll then submit the return to HMRC and provide confirmation, as well as a clear summary of the liability or repayment positions and any actions required next.
VAT returns are usually due one calendar month and seven days after the end of the VAT period, with payment due by the same deadline, though this can be subject to scheme-specific variations. Our team works with you to build a consistent internal timetable so that everyone involved in the filing has plenty of time to resolve queries before the deadline, as opposed to rushing to correct errors afterwards. Should a payment be due, we’ll ensure you have clarity on the amount owed and the timing of when it should be paid so that cash flow can be planned properly. Our process reduces the risks and anxieties associated with late filing or payment, especially for businesses managing VAT alongside day-to-day operations.
Most VAT-registered businesses must submit using MTD-compliant software. While there are some exemptions, HMRC approval for them is required.
Typically, it is one calendar month and seven days after your VAT period ends, with the payment due by the same date.
HMRC applies a points-based penalty system with penalties increasing if submissions are consistently late.
Very often, yes. The appropriate correction route depends on the nature and size of the error. No matter the issue, our team will be on hand to help.
We love meeting new, exciting businesses. Get in touch with our team to see how we could enhance and protect your financial position.
Or if you’d prefer to speak to someone directly just give us a call on: 08000 664 664 or email: hello@wrpartners.co.uk.
"*" indicates required fields
