There is a 5 –step process of completing a VAT return and the VAT return should be sent to HMRC for every tax period. A tax period is usually three months. Any payment of VAT that is due should reach HMRC by the due date, which should be shown on the online VAT return and online VAT return acknowledgement.
The 5 – step process is as stated below:
- Gather together your business records for the tax period
- Use the business records to create your VAT account for the period and from your records, establish:
- VAT due in the period on sales and other outputs
- VAT due in the period on acquisitions from other EC member states
- VAT reclaimed in the period on purchases and other inputs (including acquisitions from the EC)
- Total Value of sales and all other outputs excluding any VAT
- Total value of purchases and all other inputs excluding any VAT
- Total value of all supplies of goods and related costs, excluding any VAT, to other EC member states
- Total Value of acquisitions of goods and related costs excluding any VAT, from EC member states
3. Once you have established the figures ii a-g above, use them to fill the online VAT return form
4. Review the online form to make sure that all the entries are correct
5. Submit the form and make any necessary payment that may be due electronically and reconcile the VAT return in your accounting system.
Do also remember to make arrangement to pay any VAT due (if applicable) as soon as possible. If you are due a repayment form HM Excise and Customs, a payment will be sent to you.
I hope you found this useful.
If you need help submitting your VAT return or if you need a comprehensive checklist on how to always effectively submit correct VAT returns, then contact us on 02070388046, mobile 07706728958.
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