If you're a small business owner in the U.K., chances are you're required to file a quarterly VAT return. This can be a daunting task, especially if you've never done it before and are preparing for your first quarterly VAT return. But don't worry! We're here to help.
In this blog post, we'll give you three simple steps to take before you file your first quarterly VAT return. By following these steps, you can be sure that you're completing your return accurately and on time.
3 Steps to Take Before Your First Quarterly VAT Return
1. Gather your documentation.
In order to file your VAT return, you'll need to have all of your relevant documentation in order. This includes invoices, receipts, bank statements, and any other records of expenditure. Be sure to keep track of all of your documentation throughout the year so that you don't have to scramble to find it come tax time.
2. Know the deadlines.
The deadline for filing your VAT return is fast approaching. Make sure you know when the deadline is and set aside enough time to complete the return accurately. Trying to rushed through it will only lead to errors and could result in penalties from HMRC.
You can find out when your VAT quarters are from your VAT registration certificate. If you do not have a copy of this you can log onto your VAT account via your Government Gateway login to find the certificate.
On this you will see your VAT quarters, and those are the months ending. For example, if your certificate has Jan, Apr, Jul, Oct. Then your VAT periods are 3 months ending 31st Jan, 3 months ending 30th Apr, 3 months ending 31st Jul and 3 months ending 31st Oct.
The return is then to be submitted electronically by 1 month and 7 days after the end of the VAT quarter. The payment is also due but that date.
For example, the VAT quarter ended 31st January, the return and payment are due on or before 7th March.
If you need some more details on how to pay VAT you can find that here: How to Pay VAT in the UK?
3. Get help if you need it.
If you're feeling overwhelmed by the process, seek out professional help. There are many accountants and tax professionals who specialise in VAT returns and can help make sure that everything is done correctly.
Filing your VAT return doesn't have to be a stressful experience! By taking these three simple steps, you can ensure that everything is done right and on time.
Filing your first quarterly VAT return doesn't have to be a stressful experience! By taking these three simple steps - gathering your documentation, knowing the deadlines, and getting help if you need it - you can ensure that everything is done right and on time.