VAT RETURN




Content
  1. Define
  2. Registration info
  3. Submit detail
  4. Final return
  5. REVENUE QUERY
    • VAT REGISTRATION
    • Preparing and filing VAT return
    • Professional advice/de-registration
Define:
A VAT returns shows how much VAT is due on sales (output VAT) and how much VAT can be regenerate on purchase (input VAT) manage how much is paid or regenerate from HM Revenue and Customs (HRMC) for a given period.
REGISTRATION INFO/form detail:
Any company that has a departure of the current threshold of £77k will need to contact
HM Revenue and Customs (HMRC) with the view to be VAT registered and complete a VAT return and file online with HM Revenue and Customs (HMRC).
Registration a company or individual for VAT requires the completion of a registration application form for an individual, partnership or unincorporated body (Form TR1) OR for a company (Form TR2).
Submit your Return:
You submit your VAT online unless:
  1. You can’t because of your age, a disability or because of where you live.
  2. Your business is to an insolvency procedure.
How to submit your VAT?
  1. You need a VAT number and a VAT ONLINE account.
  2. Log in to your online account
  3. Most accounting software lets you submit your VAT Return to HMRC directly.
Final VAT Return:
You have to submit a final VAT Return when you cancel your VAT registration. You can usually do this online using your VAT online account.
REVENUE QUERY:
VAT registration:
Understand the VAT registration thresholds, and registration for VAT if they have been exceeded. If you are setting up a business, register for VAT as soon as possible to claim VAT on set-up costs, if appropriate
Preparing and filing VAT returns:
Even though there is no requirement to submit supporting invoices with VAT returns, queries can be expected regarding those invoices. Respond to queries as soon as you can, and check every supplier’s invoice to ensure it’s valid. Retain your VAT records for the required time period of 6 years, and charge the right rate of VAT on your products.
Professional advice/ de-registration:
Provide revenue detail with all confi9rmation.

Comments

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  2. taxwelluk9 March 2020 at 05:25

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  3. Kristy Smith10 November 2020 at 05:47

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