Understanding Helpbox UK: Our VAT Production Process

At Helpbox, we understand that VAT returns can be a daunting task for many businesses. That’s why we’ve developed a streamlined VAT production process to make things as simple and efficient as possible for you. Here’s a breakdown of our five-step process:

1. Providing Accounting Records

Our journey begins with a thorough initial request of your accounting records. This crucial step ensures we have all the necessary information to accurately prepare your VAT return. Here’s what we do:

• Requesting Accounting Records: We send out regular reminders and provide detailed checklists of the information we require. We also offer unlimited support if you need any help with this or have any queries.
• Identifying Missing Information: We identify any missing information that may potentially prevent us from completing your VAT return to the highest standard.

Type of Record Keeping:	Date Information Required By:
Paper Records	As soon as the Quarter End passes or by the 7th of each Quarter at the latest.
Non-Paper Records	As soon as the Quarter End passes or by the 14th of each Quarter at the latest.

This initial request sets the foundation for a smooth VAT production process, giving us a clear understanding of your business’s financial activities.

*Information Checklist (Software): https://www.helpboxuk.com/wp-content/uploads/2023/10/Accounts-Information-Checklist-Software-3.pdf

*Information Checklist (Bookkeeping): https://www.helpboxuk.com/wp-content/uploads/2023/10/Accounts-Information-Checklist-Bookkeeping-3.pdf

2. VAT Production

Once we’ve reviewed your records, we move on to the VAT production phase. This involves:

• Calculating VAT Payable: We calculate the VAT you owe by assessing your sales and purchases, ensuring that all VAT rates and rules are correctly applied.
• Preparing VAT Reports: Our team prepares detailed VAT reports, breaking down your VAT liabilities and reclaimable amounts. These reports provide a clear overview of your VAT position.

During this phase, we ensure that every figure is accurate and compliant with current VAT regulations.

3. Quality Control Check

Quality control is paramount at Helpbox. Before finalising your VAT return, our senior accountant conducts a comprehensive quality control check:

• Double-Checking Entries: Our team double-checks all entries for accuracy, ensuring no errors or omissions.
• Compliance Verification: We verify that all aspects of your VAT return comply with the latest HMRC guidelines and regulations.
• Internal Audit: An internal audit is conducted by our senior accountant to confirm the integrity of the data.

This step ensures that your VAT return is error-free and ready for submission.

4. Draft VAT Review

Before we submit your VAT return, we provide you with a draft for review:

• Client Review: We send you a draft of your VAT return for your review and approval. This is your opportunity to verify the information and ask any questions.
• Accountant Notes: Alongside your draft VAT returns, our accountants also provide detailed notes of tax efficiencies we’ve inputted into your returns alongside suggestions.
• Feedback Opportunity: Any feedback or corrections you provide are incorporated into the final document, ensuring you are fully satisfied with the return.

Your approval is crucial before we proceed to the final step.

5. Filing and Submission

The final step is the filing and submission of your VAT return:

Filing the Return: Once you’ve approved the draft, we file your VAT return electronically with HMRC.

Confirmation Receipt: We send you a confirmation receipt from HMRC, ensuring you have a record of the submission.

Post-Submission Support: Our support doesn’t end here. We remain available to answer any questions or address any concerns you might have regarding your VAT return.

At Helpbox, we pride ourselves on making the VAT process as seamless and stress-free as possible. Our structured approach ensures accuracy, compliance, and peace of mind for your business.

Why Choose Helpbox?

By partnering with Helpbox, you benefit from:

• Expertise: Our team of experienced accountants stays updated with the latest VAT regulations.
• Efficiency: We streamline the VAT production process, saving you time and reducing the risk of errors.
• Support: We provide continuous support, from the initial review to post-submission queries.

If you have any questions or would like to learn more about our VAT services, don’t hesitate to contact us.