VAT Returns

At Sterling Books, we understand the importance of staying compliant with HMRC’s regulations, especially when it comes to VAT filing and Making Tax Digital (MTD). That’s why we’re proud to offer our clients a comprehensive VAT and MTD service, free of charge with our bookkeeping package. Your personal bookkeeper uses cloud-based accounting software to submit VAT returns and ensure MTD compliance, providing peace of mind. We stay up-to-date with the latest regulations, so our clients can focus on their business while we handle the administrative details.

VAT Returns Services

Acting as your registered representative with HMRC, we’ll save you the valuable time and money you’d otherwise be spending on this complex process yourself. That’s on top of helping you avoid costly penalties and meet all of your statutory obligations too.

• Calculating VAT Returns on a monthly, quarterly, half-yearly or yearly
• Submitting VAT Returns and advising clients of how much to pay/receive within deadlines following the Making Tax Digital scheme.

We offer VAT Returns services for three main types of VAT schemes, other schemes available on request:

• Standard Rate

The Standard Rate is the most common VAT scheme and requires you to pay VAT on the difference between what you’ve charged your customers and what you’ve paid to other businesses. Returns are typically submitted every three months.

• Flat Rate

The Flat Rate Scheme lets you calculate your VAT owed to HMRC based on a fixed percentage of your gross turnover, which varies depending on your industry and type of business. With this scheme, you pay a lower rate of VAT but cannot reclaim VAT on purchases (excluding certain capital assets over £2,000).

• Cash Accounting

The Cash Accounting Scheme enables you to pay VAT to HMRC when your customer pays you, rather than when you invoice them. You can only reclaim VAT on purchases after you have paid your supplier.