As a VAT registered business your business must submit VAT returns in accordance with HMRC Policy. Generally, this is quarterly and because we do most of your bookkeeping for you, we will prepare and submit these returns for you.
As part of this process, we will give you the opportunity to review the draft returns to make sure that everything has been included.
The VAT Refund or liability is calculated each month and the figure is published in our Management Reports so that you can see how much you owe each month.
At LibAbun, we are extremely pro-active in helping you manage your cash flow. As part of your Cash flow management, we make sure you are prepared and have the opportunity to put money aside into a separate VAT Bank Account to prepare for this bill each quarter (or as required).
That way there are no surprises when a VAT liability is due because together we are conducting good Cash Flow Management.
Our Libabun Service includes our team doing the majority of your data entry (Excluding Sales Invoices). Each month we will give you a VAT Summary and we’ll let you know when your next VAT returns are due and the outstanding balance.
We will complete your VAT Returns when they are due and we send you a draft return a few days before they are to be submitted..
Once we’ve received your approval, we’ll submit your VAT return to HMRC and you just need to ensure you have the funds in your bank account if there is a VAT Liability. Job done!
Your dedicated accountant will assess if you are on the most beneficial VAT scheme for your business, and advise you to switch if it is more tax efficient for your business.
Our bookkeeping software, Xero is a HMRC recognised supplier supporting MTD for VAT, so your business will always be compliant with this new government initiative.
We will always provide you a monthly VAT Return summary where we will report to you your current VAT Liability. This is to allow you to ensure you have your VAT put aside into a separate VAT bank account that is not used for Operational Expenditures.
*VAT returns are an add-on service to our accountancy packages. The quote you receive will also include the cost of your accounts and tax returns.
If your VAT affairs are particularly complex there may be an additional charge. Don’t worry though, all fees will be agreed up front and included in your fixed monthly fee before any work takes place.