VAT Return Services

Preparing and submitting your VAT return can be a hassle. It’s one of those must-do, but incredibly tedious, tasks you need to sort out.

So, we’re sure you would rather someone took it off your hands, right?  Well, that’s where our award-winning monthly accounting service can help!

What exactly is a ‘VAT return’?

If you are a VAT-registered business, you need to submit a VAT return to HMRC on either a monthly, quarterly or annual basis. Basically, it’s worked out by:

VAT charged on your sales - VAT you can reclaim on business expenses = your VAT return

A completed VAT return will either show how much is owed to HMRC, or whether you are due a VAT refund. There are also some goods and services that are exempt from VAT, just to make it that little bit more confusing…

Unless your business’s VAT returns are relatively simple, we recommend saving yourself the aggravation and outsourcing the work to professionals like Mazuma.

What could happen if you get it wrong?

As a business owner, we know you’re super busy. You’re juggling a million and one things, and the last thing you want is to worry about incorrectly submitting your VAT return...

If the worst happened and you did make a mistake when submitting your VAT return, or if you miss the deadline, HMRC can ‘default’ your company on its VAT liabilities. While you’re in the ‘default’ stage, you could face various surcharges or penalties:

Surcharges

You may be required to pay a surcharge if HMRC don't receive your VAT return by the deadline; or if full payment for the VAT hasn't reached their account by the deadline. 

Penalties

HMRC can also issue you with a penalty for failing to submit your tax return by the deadline or by failing to disclose the required information. These can be:

  • 100% of any tax that is inaccurately recorded
  • 30% of an VAT return assessment - this is a sneaky one! If HMRC sends you a VAT return assessment that’s too low but you don’t tell them it’s wrong within 30 days, you’ll be the one who gets the penalty
  • £400 for submitting a paper VAT Return - unless HMRC has told you that you’re exempt from submitting your return online, then you’re in the clear

Sounds scary, right? We know! There’s a lot to be aware of when it comes to penalties and surcharges. Luckily for you, that’s where we can help.

Why choose Mazuma?

We know that getting your business accounts in order is super important, and with so many options to choose from it can be hard to identify the right way forward. To help you narrow it down, here are a few reasons we think that you should choose Mazuma

When you work with Mazuma, all you have to do is send us your financial docs via our app or in a Freepost envelope. That’s it - and we take care of the rest. You’ll also be assigned your very own personal accountant who can help you every step of the way, from that first bit of data right hassle free service. 

Not to mention, our entire system is digital. This means that :

  1. You save time going to unnecessary meetings
  2. We’re fast and efficient
  3. We cut costs so that we can provide a cheaper accounting service for you, our customers
  4. We are already compliant with Making Tax Digital

So with us you get the best of both worlds - the personal touch of a real life accountant and the accuracy of a speedy and digital accounting system! And all from just £28 per month plus VAT - what’s not to love? Save yourself time, money and hassle, get a quote and join Mazuma today!

How we take the stress away

Leaving your VAT to us means you can feel reassured it’s done both quickly and correctly - so you have more time to focus on your business.

  1. We carefully process your bookkeeping and check that everything is in order
  2. We ensure all the VAT your business has charged is claimed for
  3. We’ll then send you the accurate figures which you can submit to HMRC

We also keep you updated on those dreaded deadlines, so you don’t have to worry about being caught out.

Making Tax Digital

The new government scheme Making Tax Digital (MTD) is now underway and at Mazuma we are right on top of making sure our clients are prepared. Making Tax Digital is getting businesses to submit their tax return data to HMRC directly from their accounting software - software which must be compliant with HMRC’s requirements. The scheme has now launched and some VAT registered businesses must already be using the new system. 


If you’re already signed up with Mazuma, then you’re sorted - our software is already compliant with MTD - phew! If you’re unsure about getting ready for Making Tax Digital, or if you’d like to see how our services can get you feeling in control, have a read through our Making Tax Digital page or contact Mazuma for more information.

VAT can be boring long process, so we can do it for you!

Got a question? Here are some FAQs which may help.

What if I get a VAT inspection?

A huge bonus of hiring the professionals to take care of your VAT return is that you can be confident all the figures are correct. Phew.

What’s the deadline?

The deadline for submitting the return online and paying HMRC is usually the same. It’s one calendar month and 7 days after the end of your VAT period. 

Are you interested?

We are the pioneers of hassle-free accounting who actually care about helping you out. Our accountants will handle everything for you - all you need to do is pop your records in one of our purple envelopes or upload your receipts and invoices via our app, and we’ll take care of the rest. It really is that simple. 

Our goal is to take away as much of the stress of dealing with your VAT returns as possible, so you can feel reassured and focus on what you’re really good at; running your business successfully.

Get a quote for our monthly accountancy services. We can’t wait to hear from you!

 

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