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VAT Returns


Every VAT Registered company must submit a VAT Return to HMRC on either a monthly, quarterly or annual basis. The VAT return will breakdown the total taxable supplies and purchases along with the total input and output VAT and the NET figure that should be paid or reclaimed from HMRC.

Once the NET VAT has been calculated the business must remit any VAT due within the allotted time period. Any failure to deliver a VAT return or make any payments will result in either an estimated VAT bill and/or interest accumulated on the balance.

When do I submit a VAT return?


Most VAT registered businesses submit a VAT return on a quarterly basis (once every 3 months). Larger companies will be required to file VAT returns on a monthly basis, smaller companies can file on an annual basis and make monthly estimated payments towards their VAT liability, this is know as annual accounting. Typically a business will have 1 month from the end of the VAT accounting period to file their VAT return, an extra 7 days is permitted for electronic VAT Returns.

What information do I supply on a VAT return?


The VAT return is split into 9 boxes.
  1. VAT due in period on sales and other outputs
  2. VAT due in this period on acquisitions from other EC Member States
  3. Total VAT due (the sum of boxes 1 and 2)
  4. VAT reclaimed in this period on purchases and other inputs (including acquisitions from the EC)
  5. NET VAT to be paid to HMRC or reclaimed by you (Difference between boxes 3 and 4)
  6. Total value of sales and all other outputs excluding any VAT.
  7. Total value of purchase and all other inputs excluding any VAT
  8. Total value of supplies of goods and related costs, excluding any VAT to other EC Member States
  9. Total value of acquisitions of goods and related costs excluding any VAT from other EC Member States

You can submit a paper based VAT return although these days it's easier and faster to submit electronically.

How do I Electronically file my VAT Returns?


HMRC provide an online service at https://online.hmrc.gov.uk that will enable a VAT Registered business to enroll for online VAT returns. You will then be able to complete each box on the return and submit it directly to HMRC.

To simplify the VAT accounting we recommend an online accounting software system like QuickFile, not only will this complete and file your VAT returns, it will also allow you to produce VAT invoices, log your VAT receipts and calculate any VAT due. You can also use QuickFile to file your EC Sales List where applicable. --Latest--