VAT (Value Added Tax) returns are a crucial part of your business's compliance with tax authorities. This guide will help you understand how VAT returns are calculated, what each section of the return means, and how you can ensure your submissions are accurate and timely.
How VAT Returns Are Calculated
VAT returns involve reporting the VAT you’ve collected on sales and the VAT you’ve paid on purchases. The difference determines whether you need to pay VAT to the tax authorities or receive a refund.
Types of VAT Returns: Monthly, Quarterly, Annual
Depending on your business's size and location, you may need to file VAT returns monthly, quarterly, or annually. Each has its own set of deadlines and requirements.
What to Do If You Have Questions:
If you have specific questions about your VAT return, contact your dedicated advisor, who can provide a thorough review.
FAQs:
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When can I expect my VAT return?
We aim to submit your VAT return as soon as possible. If you believe your return is past its deadline, please call us on 02380600120. -
How can I check the status of my VAT return?
You can track the status of your VAT return through our client portal or contacting us via email or phone.