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Post Info TOPIC: How to correctly fill out a VAT return


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How to correctly fill out a VAT return


Hi everyone. I am just filling in my first VAT return online, but was wondering if someone could give me an example of how this is done. Could anyone in-the-know please put the amounts next to each of the following 9 questions based on the following example figures? This would be greatly appreciated:

Earnings for the VAT return period (based on the Cash Accounting Scheme):

- Total income: 1000 + VAT received
- Total expenses 2000 + VAT paid
- No EC member state trade, either input or output (I just trade in the UK and USA)
(all VAT amounts that I have received and made were at 17.5%)


1. VAT due in this period on sales and other outputs (Box 1):

2. VAT due in this period on acquisitions from other EC Member States (Box 2)

3. Total VAT due (the sum of boxes 1 and 2) (Box 3):

4. VAT reclaimed in this period on purchases and other inputs, (including acquisitions from the EC) (Box 4):

5. Net VAT to be paid to HM Revenue & Customs or reclaimed by you (Difference between boxes 3 and 4) (Box 5):

6. Total value of sales and all other outputs excluding any VAT. Include your box 8 figure (Box 6):

7. Total value of purchases and all other inputs excluding any VAT. Include your box 9 figure (Box 7):

8. Total value of all supplies of goods and related costs, excluding any VAT, to other EC Member States (Box 8):

9. Total value of all acquisitions of goods and related costs, excluding any VAT, from other EC Member States (Box 9):

Thanks!



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Guru

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box 1 is for the VAT on sales ie 175.00
box 2 is for VAT on sales to EC states 0.00
box 3 is these added together 175.00
box 4 is the VAT you paid on purch 350.00
box 5 is the difference 175.00 R
box 6 is the total net sales 1000
box 7 is the total net purch 2000
box 8 is EC goods 0
box 9 is EC goods 0

on the online system, box5 is calculated for you.

P

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Member

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Thanks a lot, this helps a lot; appreciated :)

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Veteran Member

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Hi all,
I just need to know about Box 7 'Purchases' please.
I understand it is for 'Net' purchases..the problem i have is not all the purchases i input have VAT receipts so obviously i cant claim the VAT on those items..so...do i put the 'Net' for ALL the purchases or ONLY the VATable purchases (the ones i can claim VAT back on)???

I hope someone can understand this! ...think i've confused myself! :-{

Thanx in advance.

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Guru

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You enter the total amount of purchases that are standard, zero rated or exempt. You do not include anything that is outside the scope of VAT.

Remember also that purchases from non VAT registered companies should be set to zero rated and included in the total net purchases.

-- Edited by semsley on Tuesday 13th of July 2010 08:36:30 PM

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Advice from beyond the grave!!!

E&OE



Veteran Member

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Thank you so much!
...Thats another problem sorted.

smile.gif Cheers.

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