How to Fill VAT Return For Your Business in Nottingham?

The VAT is a tax that is usually levied on various products and services delivered by companies in the UK. All VAT-registered businesses are required to complete and submit VAT returns to HMRC. If you are the one with a VAT registered business in Nottingham, you are too need to file a return on a quarterly basis within the specified deadlines by the HMRC. If ever you feel complexities and difficulties, a large number of taxation and accounting services in Nottingham are available to help you in the best possible ways.

What a VAT return contains and How to fill it?

A VAT return form contains 9 boxes for different details and calculations, and you can fill your returns with the help of the following steps.

Box 1 – VAT due

In this box, you have to include the total amount of VAT you owe to HMRC for a three month period. To fill this box, calculate your total sales and VAT. Divide the aggregate by six and enter the resulted answer in this box.

Box 2 – VAT due on purchase from other EC Member countries

This box is usually used for the calculation of Vat due because of purchases from EC member countries. Otherwise, you can enter zero there. In case you buy things from said countries, you will multiply your purchases by 20% rate. If you feel difficulties in preparing or calculating these values, you can get help from VAT return services in Nottingham to deal with it with ease and perfection.

Box 3 – Total VAT due

Box 3 of the VAT return contains the sum of Box 1 and 2, and in case of online filing, it will be filled when you will be done with your return. For manual or paper returns, you will have to make the right calculation.

Box 4 – VAT retrieved in the specified period on purchases

Box 4 is the sum of VAT reclaimed from acquisitions and other expenditures. Even if any purchases from EC member countries were incorporated in box 2, you are also required to include that amount in it too. If you face any complexities or confusion, do not hesitate to consult with any professional VAT and self-assessment tax return services in Nottingham to avoid any miscalculation and legal consequences, respectively.

Box 5 – Net VAT to be paid

In this box, you are required to enter the difference between boxes 3 and 4.

Box 6 – Total value of sales

Box 6 exhibits the total worth of net sales for the respective period, not including VAT. This is always calculated by deducting the total sales from the VAT.

Box 7 – Total value of Purchases

This box displays the total worth of net acquisitions and payments for the specified period. It is essential to make the right calculations, and in this regard, if you face difficulties, take advantage of taxation and company formation services in Nottingham and avoid any penalties due to inaccuracies in your field returns.

Box 8 – Total worth of all materials of goods

Box 8 demonstrates the aggregate value of net sales for the specified period (discounting VAT) to other EC member countries. This box frequently holds £0.

Box 9 – Total value of purchases of goods

This box shows the whole worth of net consumption for the respective quarter from other European Community member countries. While making calculations, do not count pence.

This is the legal guideline for filing your quarterly Value added tax returns with complete accuracy and in accordance with the HMRC’s regulations. In addition, being a busy business owner, you can take advantage of tax and payroll services in Nottingham for your VAT return preparation and meeting deadlines efficiently.