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rachel_mclean


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Client has asked if he can do vat returns monthly - this isn't possible is it?
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Hello, I had a call from a client yesterday he wants to change his vat to monthly (I have no idea why) I've googled around and look on HMRC website - can't find anything. I don't think it is possible to submit vat returns monthly. 

DOes anybody know if it is possible?

 

Thanks in advance

 

Rachel



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Rachel
Peasie


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I'm not sure he can submit monthly returns - maybe he means paying for them monthly?

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Sharon Eyre


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The only time you can request monthly vat returns as far as I am aware is if you get refunds every time-I have one client that is on monthly returns
You have to complete a form and send the request to hmrc

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Sharon
Sharon Eyre


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www.hmrc.gov.uk/manuals/vpoamanual/VPOA4100.htm

 

it looks like they have opened the options up



-- Edited by Sharon Eyre on Sunday 18th of May 2014 08:03:14 PM

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Sharon
Unwize Owl


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I was too busy watching the young musician of the year!

Yes, as Sharon has said, there is a monthly VAT option, I researched it for one of my clients a while back.
There is also the Annual Accounting Scheme for VAT - 9 monthly payments with only one return, the 10th payment is a 'balancing' payment at the end of the VAT year.

www.hmrc.gov.uk/vat/start/schemes/annual.htm

 

 



-- Edited by Unwize Owl on Sunday 18th of May 2014 08:35:08 PM

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Unwize Owl


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As a thought you might also look at the flat rate scheme to see if that might help. Quarterly return and payment, no refunds, but easier calculations based on invoiced turnover - works well if the client purchases mainly from non-VAT registered businesses.

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rachel_mclean


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Thank you very much for the link Sharon....that saved me a lot of time searching : )

This is great, he wants it done monthly as is generally getting re-payments.

Thanks Peasir and 'Unwise Owl' for you help too

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Rachel
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