The VATReturn requires the accurate aggregation of two primary figures: Output VAT and Input VAT. Output VAT represents the tax a business charges to its customers on all taxable goods and services it supplies.
Monthly sales tax returns are due by the 23rd of the following month from the period filed. Example: January 1 through January 31 return is due on February 23rd. Semi annual sales tax returns are due by the 23rd of the following month from the end of the six month period.
This guide will help you understand the process of filing sales tax returns. What is a sales taxreturn? A sales taxreturn is a form you submit to your state’s tax authority, detailing how much sales tax you’ve collected from customers and how much you owe to the state.
The modern, digital VATReturn submission, which summarises the information previously collected on the VAT 100 form, requiresdata to be broken down and placed into nine specific boxes.
A VATreturn is usually just a summary of the overall figures you have for sales and purchases whereas a control list is the listing of the transactions with details like invoice number, date, supplier/customer name, address and VAT reg number, NET, VAT and Gross.
The VAT scheme selected determines the frequency of filing, the deadlines for filing returns, and the form required for submitting an online VATreturn. This article will cover all of the details on how to file your VATreturn on time and without any penalties.
Completing your VATReturn doesn’t have to be stressful. With this step-by-step guide, you now know how to do everything from what a VATReturn is, when it has to be submitted, and how it must be submitted.
By following the guidelines for completing a VATreturn and using our free downloadable template, you can ensure that your VATreturns are accurate, complete, and submitted on time.
