VAT Registration

Compulsory registration for VAT must occur if:

  • your VAT taxable turnover exceeds ‘the threshold’ (£83,000 for FY16/17) in a 12 month period.
  • you receive goods from the EU in the UK which exceed £83,000.
  • you expect in a single 30 day period to go over the threshold.

Within 30 days of exceeding the threshold you must register. If you register late, you will still be required to pay the VAT from the period that you should have registered. It is essential to keep your records up to date and each month monitor your turnover if you are getting close to the threshold.

Penalties can occur depending on how much you owe and how late your registration is.

ML Accounting can advise you on whether you should be registered and assist you in the VAT Registration process.

VAT Registration
Preparing VAT Returns

Preparing VAT Returns

Once you have an effective date of registration you must ensure you do the following:

  • Charge the right amount of VAT.
  • Pay any VAT due to HM Revenue & Customs.
  • Submit VAT Returns.
  • Keep VAT Records and a VAT Account.

ML Accounting can prepare the VAT return for you and submit to HM Revenue & Customs as your agent.

EC Sales List

You must tell HM Revenue & Customs if you are a VAT Registered Company in the UK supplying goods and services to VAT registered customers in another EU country. You must use an EC Sales List (ESL) to tell HM Revenue & Customs about those supplies. The EC Sales list includes:

  • Details of each of your EC customers.
  • The sterling value of the supplies.
  • The customer’s country code.

If you have filled in Box 8 on your VAT Return, HM Revenue & Customs will automatically send you an EC Sales List to complete.

ML Accounting would prepare the EC Sales List along with the VAT Return for your company.

EC Sales List

Call Us Today 01494 670 855 to discuss your VAT Return requirements.

We offer a free initial consultation.