If you are a VAT registered business, you must prepare, and complete VAT returns quarterly or monthly. In addition, if your annual turnover is above £85,000, you will also need to comply with Making Tax Digital (MTD) which requires you to prepare and submit VAT returns using MTD compliant accounting software.
In the property sector, generally, the following types of business need to prepare and file VAT returns once their turnover exceeds the VAT threshold of £85,000:
What information does VAT return contain?
VAT return mainly contains the following information:
What is the deadline for submitting the VAT return?
VAT return must be submitted within one month and seven days from the end of the VAT return period.
How can UK Property Accountants help?
UK Property Accountants has a team of Property VAT specialists to ensure your VAT return is accurate and filed in a timely manner. Property VAT is a highly specialist area for which the accountant and tax adviser needs to be well versed in the detailed rules and regulations. So, you will need to hire a specialist property VAT accountant for the correct VAT return.