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Sep 7, 2023 · A VAT return is a digital form you send to HMRC showing how much VAT you owe. It includes how much VAT you’ve charged on sales minus the amount you can reclaim on goods and services you’ve paid for. It’s a form that’s usually submitted every three months, based on your business’s accounting period.
- Catriona Smith
- Overview
- Explanation of Some Common VAT Terms
- How to Fill in Each Box on Your Return
- Filling in The Return If You Use A VAT Accounting Scheme
- Business Tax Account
- Returns, Payments and Assessments
- Things to Check Before You Send Your Return
- Help Us Improve This Notice
- Putting Things Right
1.1 What this notice is about
This notice helps you complete the VATreturn and provides information on how to submit your completed return to HMRC. It will guide you through the form, box by box. Make sure that you read any VATnotices relevant to your circumstances before you complete your return.
1.2 Software returns
Virtually all VAT-registered businesses are required by law to submit their returns via functional compatible software and pay electronically. See VAT Notice 700/21for more information. If you are required to submit a VATreturn using functional compatible software, the software provider you choose will give guidance on how to submit your return using their product. If you are exempt from this requirement to keep digital records then you do not have to submit a software return. See VAT Notice...
This section gives a brief summary of some of the common terms you’ll read about in this notice. If you’re completing a return for the first time, it might be helpful to read the VAT guidance.
The requirements shown here apply to both paper and online returns. If you are required to submit a software return the same requirements apply. Your software will compile the figures required for the return from your digital records and fill in the return boxes for you. You’ll need to read section 4 if you’re using a special VATaccounting scheme s...
If you use any of the special VATaccounting schemes there may be different rules for completing some of the boxes on the return (read paragraphs 4.1 to 4.6). Other boxes should be completed in the normal way as described in section 3. If you trade in other goods and services outside a special scheme you should also include those supplies on your re...
You can check your VAT return and payment deadlines in your VAT online account, also known as your business tax account. Your VATonline account tells you when: 1. your VATreturns are due 2. the payment must clear HMRC account The deadline for submitting the return and paying HMRC are usually the same, whether you’re using software or doing it onlin...
6.1 If you cannot complete your return or pay the VAT by the due date
If you do not have all the information you need to complete your return or you’ll be unable to submit a correct return or payment by the due date, read VAT guide (VAT Notice 700), paragraph 21 Sending VAT returns and payments.
6.2 If you submit your return or payment late
We’ll tell you if we get your return or payment late. You may be liable to penalties or interest. It’s in your own interests to make sure we get your returns and payments on time. For VATaccounting periods starting on or after 1 January 2023, you: 1. will be charged late payment interest if you do not pay your VATby the due date 2. may also receive late payment penalties if you do not pay your VATby the due date 3. may receive late submission penalties if you do not submit your VATreturn by t...
6.3 If you lose your paper return
If you’ve lost or mislaid the original form do not alter another return form or send your VAT declaration in another way. You should contact the VAT helplineimmediately and ask for a replacement, but we cannot provide paper versions of any returns that you’re required to submit using software or online.
7.1 Checking your figures
When checking your figures: 1. if all your outputs are standard-rated, the total in box 1 should be 20% of the total in box 6 (before 4 January 2011 the standard VATrate was 17.5%, and from 1 December 2008 to 31 December 2009 it was 15%) 2. if you have entered a value in box 9, include any acquisition tax due on your UK or intra-EU acquisitions in boxes 2 and 4 3. your box 5 total should be the difference between boxes 3 and 4 — this is calculated automatically if you complete your return usi...
7.2 Other checks
Other checks to be carried out are: 1. have you ensured that you have not attached anything to the return? 2. have you completed every box on the return, entering ‘0.00’ if applicable? 3. have you zero-rated any exports or removals without obtaining valid evidence that the goods have left the UK within the appropriate time limits? (read VAT on goods exported from the UK (VAT Notice 703)) 4. have you included any errors you may have found on previous returns? (read paragraph 6.6) 5. have you m...
If you have any feedback about this notice email: customerexperience.indirecttaxes@hmrc.gov.uk. You’ll need to include the full title of this notice. Do not include any personal or financial information like your VATnumber. If you need general help with this notice or have another VAT question you should phone our VAT helpline or make a VAT enquiry...
If you’re unhappy with HMRC’s service, contact the person or office you’ve been dealing with and they’ll try to put things right. If you’re still unhappy, find out how to complain to HMRC.
People also ask
What is a VAT return?
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You usually need to send a VAT Return to HMRC every 3 months. This is known as your ‘accounting period’. If you’re registered for VAT, you must submit a VAT Return even if you have no...
Mar 12, 2024 · Submitting Your VAT Return. Upon completion, you will need to submit an online return to HMRC. If you owe VAT to HMRC, you must make all payments electronically. The due date is typically a month and seven days following the end of a tax period. Key Takeaways. If you struggle with how to complete a VAT return, consider FreshBooks.
