VAT can be one of the most confusing taxes, despite being one of the most widely paid by businesses. Mistakes can be costly, and accurate VAT returns take time and expertise. That’s where we can help.
Making Tax Digital for VAT is here, but not all businesses are making the most of the digital shift. VAT filing the old-fashioned way is time-consuming and difficult to manage, with lots of potential for errors, particularly for growing businesses.
Gravitate’s digital VAT returns service helps businesses adapt to this shift. We will help you streamline and automate for faster and more accurate calculations, easier record keeping and compliance, and full integration with your existing accounting software.
VAT returns can be an unwelcome distraction from running and growing your business. Keeping track of input and output VAT, ensuring accuracy, and meeting deadlines can quickly become overwhelming.
When you work with Gravitate, you get:
Accurate and consistent bookkeeping is the foundation of good financial decision-making. With our expertise and technology-driven approach, we ensure your VAT returns are completed correctly and submitted on time—so you can focus on what matters most.
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We love our clients and they love us too, here are a few testimonials from our clients about our services.
There are three rates of VAT currently payable in the UK.
Other items may also be exempt from VAT. This is different from the zero rate. Zero rated items incur no cost, but VAT on them can be reclaimed. For exempt items, it cannot.
Businesses must register for VAT if their taxable turnover exceeds £90,000 in a 12-month period. If your turnover is less than this, you can also register voluntarily.
Most businesses file their VAT returns on a quarterly basis, but you can also opt for monthly or annual submissions. You will need to submit a quarterly VAT return even if you have no VAT to pay or reclaim.
Making Tax Digital is a government scheme that requires VAT-registered businesses to keep digital VAT records and submit their VAT returns using select MTD-compatible software.
Yes, businesses can reclaim input VAT on a variety of business costs, including travel expenses, office supplies, equipment, services and machinery. VAT can’t be reclaimed on personal expenses of entertainment.
The VAT flat rate scheme helps simplify VAT for small businesses. It applies fixed VAT percentage to turnover, rather than the usual range of VAT rates. While this may not always be the most cost-effective option, it can significantly reduce admin.
It is really important that businesses keep accurate digital records for VAT compliance. These records include sales and purchase invoices, VAT calculations and all submitted VAT returns.
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