VAT Returns

Allisondre

A friend of mine heard I was starting the AAT course and instantly asked me to do his VAT returns. As I only know the basics of this at present, can anyone help?
He started his own estate agency this year and mentioned he hasn't yet done any VAT returns so could I please help him. I said I thought they had to be done every 3 months, but he said he had been told that they could be done at the end of the year. Is this possible? Or is this one of the various schemes eg flat rate?
Hope someone can help.
Thanks....

farmergiles

VAT returns are normally done every three months. The annual return is"one of the various schemes". I'm surprised Customs haven't been chasing him for payment and sending him assessments.
First thing though, has he registered for vat? If not and if his turnover is going to exceed the thresh hold then he is likely to get a fine. I suggest that your friend looks for professional assistance from an accountant before you even contemplate doing his returns for him.

Kind regards
Peter

NeilH

Hi

May seem a daft question, but since he is not fully aware of how often the returns need to be made is he actually registered for VAT? The usual is every three months, however there are monthly and annual schemes, not to mention cash and flat rate schemes. Hes VAT registration certficate/documents should be able to explain more.

Neil

Allisondre

Yes he has registered for VAT. Which one of the schemes is the yearly one? Many thanks, Al.

peugeot

The annual accounting scheme.

Kind regards
Steve

T.C.

I would suggest you get some help from HMRC VAT webpages for the annual accounting scheme. It is not that difficult to complete if the records are up-to-date.