Value added tax (VAT) is a multi-stage that is applied on every manufactured product. For UK VAT return, UK VAT return, every company needs to follow the instructions that are specified by HMRC. Every company that is registered for VAT needs to pay UK VAT to return within the specified time limit. This time limit is known as the accounting period.
What can you claim?
The VAT return is to be paid through an online process that is specified by HMRC for every company. However, the amount you need to pay will be decreased if your business works on charity grounds. Every business that is registered with VAT has the right to reclaim for VAT they have paid on the manufacturing of different products. However, the claim needs to be for some kind of business activity only. Moreover, you should keep all the relevant records to support any claims in the future or to show that you have paid for VAT.
There are certain things on which you cannot claim for UK VAT return. These includes the following:
- For entertainment expenses
- In case of any purchases if you are using VAT flat rate scheme
Moreover, there are also some specific things for which you need to reclaim for UK VAT return by following the specified guidelines. These major things include the following:
- Travel expenses of staff that will mainly include accommodation and transport
- Buying, repairing and fuel costs of the cars
- For businesses that are considered to be exempt from VAT for some specified time
Submit your UK VAT return claim by using the free online service provided by HMRC.