VAT Returns
What is a VAT Return?
A VAT (value added tax) return is a key document that sets out how much VAT should be paid to HMRC. It should include;
- Total amount of sales made (without VAT) and the VAT charged on these sales
- Details of your purchases (without VAT) and the VAT that you have paid on these purchases, and can therefore reclaim
- A summary of trade with EU countries (if applicable), UK companies can claim VAT from imports from the European Union
Who needs to complete a VAT Return?
If your annual turnover is over the VAT threshold of £85,000, you must register and charge your customers VAT, and fill out a VAT return.
VAT returns must be completed 4 times a year and submitted online to HMRC.
