VAT
VAT returns, records and deadlines kept under control
VAT is easier to manage when the records are correct before the return is due. IFM connects the bookkeeping, the return and the payment date so that questions are dealt with early.
Registration and the right starting point
The need to register depends on taxable turnover and the detailed VAT rules. Voluntary registration may help some businesses and add unnecessary administration for others. We establish what the business sells, where its customers are and whether a registration or scheme question needs specialist consideration.
Digital records and software
Most VAT-registered businesses must keep digital records and submit returns using compatible software. We agree the record-keeping method and compatible software requirements as part of the scope.
The records should reconcile sales, purchases, VAT control accounts and payments. A return is more reliable when unusual transactions are identified during the quarter rather than at the filing date.
Return preparation
The standard VAT Return is usually due one calendar month and seven days after the accounting period ends, with payment due by the same date. Annual Accounting and Payments on Account use different rules.
The service can include a review of the records, preparation of the return, questions on unusual items, approval by the client and submission through compatible software. The engagement letter states who is responsible for bookkeeping and corrections.
Corrections and late periods
If a previous return is wrong, the correction method depends on the amount and circumstances. If a return or payment is late, HMRC can apply separate submission points, financial penalties and interest. The first step is to establish the correct figures and the notices already issued.
What we need from you
Complete sales and purchase records, bank information, import and export documents where relevant, details of any mixed business and private use, and notice of unusual transactions before the return is prepared.
You approve the return and make sure cleared funds reach HMRC. We provide the figure, payment reference and date within the agreed scope.
Fees
Fees are quoted on request after the return frequency, bookkeeping quality and work required are understood. IFM is not VAT registered.
Next step
Bring the records and the deadline together
Tell us the VAT quarter end, the software in use and whether the concern is registration, a current return or an older error.
Ready for a clearer next step?
Tell us what needs attention and we’ll explain how we can help.