Don’t think you need VAT advice? Think again.

If you run a VAT-registered business, whether as a sole trader or a limited company, you must submit VAT returns and make payments to the HMRC every three months.

If your business earns over £90,000 as turnover during 12 months, the HMRC requires you to register for VAT. Depending on the nature of your business, there may be different VAT schemes that you are eligible for.

You’ll need to follow strict deadlines and a considerable amount of paperwork, which can be daunting. Luckily, the VAT accountants at Lyel Accountants can do it all for you.


Why use our VAT accounting services


Our VAT accounting services include


Uncover missed tax saving opportunities and manage the risks in your business with our VAT accounting services.


Got a question about our VAT accounting services?

We list the common queries we get asked from time to time.

To calculate your VAT return, it’s essential to accurately determine the amount of VAT you owe and how much you can reclaim from HMRC for VAT paid on purchased items. You can do this by adding up all of your business and exempt sales, including VAT, and then multiplying that total by your flat rate percentage. If you find this process too tedious, you can always contact the experts at Lyel Accountants for assistance.

The VAT accounting period, generally known as the VAT return period, usually lasts for three months. Most businesses file their VAT returns quarterly. You’re required to file your VAT return and pay any VAT due to HMRC usually one month and seven days after the end of the VAT return period. For example, for a VAT quarter ending on 31 March, the VAT return and payment would be due by 7 May 7. With the introduction of Making Tax Digital (MTD), you’re now required to maintain digital VAT records and use suitable software to submit your returns if your business taxable turnover is above the VAT threshold (£90,000).

VAT, or Value-Added Tax, is a tax on goods and services. It’s added at each step of making and selling things. When you buy something, the price you pay includes VAT, and the company selling the item then pays the government the VAT amount that you paid.

Different things might have different VAT rates, but the idea is that the final buyer pays the tax, while businesses in between just pass it along to the government.

You must keep a record of everything that will have an impact on the amount of VAT that you need to pay. This includes:

  • Everything that you buy and sell, even if it is VAT exempt or zero rated.
  • Copies of every invoice issued.
  • Copies of every invoice you receive.
  • Details of any self-billing agreements – these are where a customer prepares the invoice themselves.
  • Details of any self-billing suppliers including their VAT number.
  • All debit and credit notes that were issued.
  • Details of any goods that have left stock but not been paid for.

It is a good idea to also retain all general business records including cheque books, paying-in books/slips, till rolls, bank statements and so on.

You must register for VAT when your taxable turnover reaches £90,000.  This should be:

  • When your turnover for the previous 12 months has reached £90,000

Registration is required by the end of the month that your turnover for the previous 12 months has exceeded £90,000.  You have 30 days from the end of the month you exceed the threshold to register.

  • You expect your turnover will exceed the £90,000 threshold in the next 30 days;

For example, you take an order for £92,000 on 1 July and payment will be made in one months’ time. As soon as you’re aware of this, you have 30 days in which to register for VAT – so you should register by the end of July.

You can also register for VAT before your turnover reaches the £90,000 threshold.


Bespoke VAT accounting services for

Looking to get guidance on choosing suitable VAT schemes, managing VAT returns, and reclaimable VAT on construction supplies and services? Our VAT accounting services customised for CIS clients won’t disappoint.

In healthcare, VAT can be complex due to varying rates on different services and products. And when you wouldn’t put your health in the hands of anyone but an expert, choose us to receive advice on VAT compliance, exemptions, and recoveries.

We specialise in optimising VAT efficiency for hospitality businesses, handling everything from VAT registration to compliance in areas like food and beverage sales, accommodation, and event services. Simplify VAT!


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