Are you tired of the hassle and stress that comes with manually filing your VAT return? Say goodbye to those days, because submitting your VAT return online has never been easier! In this blog post, we’ll share 7 easy steps that will help you submit your VAT return quickly and efficiently. Not only will this save you time, but it’s also a much more convenient way to file. So sit back and relax as we guide you through the process – no more headaches or confusion!
What is a VAT Return?
A VAT return is a periodic report that businesses must file with the government detailing the value added tax (VAT) they have collected and paid during the reporting period. The purpose of a VAT return is to allow businesses to remit the correct amount of VAT owed to the government.
VAT returns must be filed electronically with the government portal, and businesses can submit their VAT return online through the portal using their e-filing system. The electronic filing system will automatically calculate the VAT due based on the information submitted in the VAT return.
To file a VAT return online, businesses will need to set up an account with the government portal and obtain a user ID and password. Once logged in, businesses will navigate to the e-filing system and select “Submit New Return.” Businesses will then enter the required information into the online form and submit their VAT return electronically.
Why Should You Submit Your VAT Return Online?
If you haven’t already started submitting your VAT return online, now is the time to do so. Here are some of the benefits of submitting your VAT return online:
- Save time – You can save yourself a lot of time by submitting your VAT return online. No more need to fill out paper forms and send them in by post!
- Get it done early – By submitting your VAT return online, you can get it done early and avoid any last-minute rush.
- Avoid mistakes – When you submit your VAT return online, you can avoid making mistakes that could delay or even invalidate your return.
- Get instant confirmation – When you submit your VAT return online, you’ll receive an instant confirmation that it has been received and is being processed.
Step 1: Find the Correct Form to Fill Out
The first step to submitting your VAT return online is to find the correct form to fill out. If you are not sure which form to use, you can check the HMRC website or ask your accountant. Once you have found the correct form, you will need to enter your VAT registration number and the period you are filing for.
Step 2: Enter Your Financial Information
If you’re registered for VAT, you need to submit a VAT return to HMRC every quarter. This can be a time-consuming and daunting task, especially if you’re not familiar with the process.
Fortunately, submitting your VAT return online is quick and easy, and it can save you a lot of time. Here’s how to do it:
Step 1: Log in to your HMRC Online Services account. If you don’t have an account, you can create one here.
Step 2: Enter your financial information into the relevant fields. This includes information such as your total sales, total purchases, and total VAT due.
Step 3: Review your return and make sure all the information is correct.
Step 4: Submit your return and pay any outstanding VAT owed. That’s it! You’ve successfully submitted your VAT return online.
Step 3: Calculate and Pay Your Tax Amounts
The third step in submitting your VAT return online is to calculate and pay your tax amounts. The amount of VAT you owe is based on the value of your sales and the VAT rate you charge. To calculate your VAT liability, you will need to:
– Add up the total value of all your sales for the period
– Multiply this by the VAT rate you charge (e.g. if you charge 20% VAT, multiply by 0.2)
– This is the amount of VAT you owe
You can then pay this amount online, using a credit or debit card, or by bank transfer. Once you have paid, you will need to keep a record of this payment for your records.
Step 4: Submit the Form Electronically
If you’re registered for Making Tax Digital for VAT, you can submit your VAT return online through the government gateway. The process is simple and straightforward, and it can save you a lot of time and hassle.
To submit your VAT return online, you’ll need to:
- Log in to your government gateway account.
- Click on the ‘Submit VAT Return’ link.
- Enter the relevant information into the online form. This includes your VAT period, total sales, total purchases, and any adjustments that need to be made.
- Click on the ‘Submit’ button.
- You’ll then be able to view a summary of your VAT return, as well as any payments that are due or refunds that are owing.
- If everything looks correct, click on the ‘Confirm and Send’ button to submit your VAT return electronically
Step 5: Generate a Receipt or Confirmation Number
If you are happy with the VAT return that you have filed online, you will be given a receipt or confirmation number. This is your proof that you have submitted your VAT return and it is important to keep this safe.
Step 6: Keep Records of Your Submissions
When you submit your VAT return online, you should keep records of your submissions. This will help you to track your progress and ensure that you are meeting your obligations.
To keep records of your submissions, you will need to provide the following information:
Your name and contact details
The date of your submission
The VAT return reference number
The amount of VAT payable or refundable
Any other relevant information
Step 7: Monitor Your Account
Assuming you have an account with the ATO, you can monitor your account balance and activity online. To do this, simply log in to your account and select the “Accounts” tab. From here, you can view your current balance, as well as any recent transactions. If you see any unusual activity, or if your balance is unexpectedly low, you can contact the ATO for assistance.