How to Submit a VAT Return in Under 10 Minutes

Staying on top of your finances is essential for any successful business. Whether you’re a small business owner or a corporate giant, you need to ensure that all your taxes are paid and accounted for in order to stay compliant with the law. Submitting your VAT return online is one of the most important steps in this process, so read on to learn how to do it correctly and why it’s so important!

Introduction: What is a VAT Return?

A VAT return is a form that businesses use to report the value added tax (VAT) they have collected from customers and paid to suppliers. Businesses submit VAT returns to their local tax authority on a regular basis, usually quarterly or monthly.

VAT is a consumption tax that is levied on the sale of goods and services in the European Union (EU). VAT is charged at each stage of the production and distribution process, from the manufacture of goods to the retail sale. The business that collects VAT from customers is responsible for paying it to the government.

The amount of VAT that a business must pay depends on the type of products or services it provides. For example, standard-rated items such as food and clothing are subject to a VAT rate of 20%, while reduced-rated items such as books and children’s clothing are subject to a lower rate of 5%. Some items, such as financial services and medical supplies, are exempt from VAT altogether.

When a business files its VAT return, it must calculate the total amount of VAT due for the period covered by the return. This includes any VAT owed on purchases made from other businesses, as well as any refundable amounts paid to customers. The return must also include details of any exempt or zero-rated supplies made during the period.

Benefits of Submitting Your VAT Return Online

The deadline for filing your VAT return is usually the end of the month following the end of the relevant quarter. For example, if your accounting period ends on 31 March, you must submit your return by 30 April at the latest.

If you file online, you have until midnight on the deadline to submit your return. This is important if you’re a busy business owner and need every minute to get your affairs in order.

When you file online, you also get an immediate acknowledgement from HMRC that they’ve received your return. This can be useful if there’s ever any dispute about whether or not you submitted your return on time.

Step by Step Guide to Submitting Your VAT Return Online

If you’re registered for VAT, you must file a VAT return with HM Revenue and Customs (HMRC) every 3 months. This return is used to report the amount of VAT you’ve charged on your sales and the amount of VAT you’ve paid on your purchases.

You can submit your VAT return online through the HMRC website. The process is simple and only takes a few minutes. Here’s a step-by-step guide to submitting your VAT return online:

1. Log in to your HMRC account. If you don’t have an account, you can create one at

2. Once you’re logged in, select ‘Submit a VAT Return’ from the ‘Services’ menu.

3. On the ‘Submit a VAT Return’ page, select the period for which you’re filing your return (e.g., 01/04/2018 to 31/03/2019). Then click ‘Continue’.

4. Enter the relevant information into the online form, including the amount of VAT you’ve charged on your sales and the amount of VAT you’ve paid on your purchases. When you’re finished, click ‘Submit’.

That’s it! You’ve successfully submitted your VAT return online.

Common Mistakes People Make When Submitting Their VAT Returns

1. Not taking into account all of their expenses: When it comes to calculating your VAT, you can only deduct the VAT on goods and services that you have actually paid for. This means that if you have any unpaid invoices, you will not be able to deduct the VAT on these items.

2. forgetting to include import VAT: If you have made any purchases from outside of the EU, you will need to make sure that you include any import VAT that is due on these items.

3. Claiming back too much VAT: It is important to only claim back the amount of VAT that you are entitled to. If you claim back more than this, HMRC may ask you to pay back the over claimed amount.

4. Not keeping accurate records: It is important to keep accurate records of all your sales and purchases in order to correctly calculate your VAT liability. HMRC may require you to provide evidence of your transactions so it is important to keep receipts and invoices safe.

5. Failing to submit a return: If you do not submit a return, HMRC will charge interest and penalties on any outstanding tax owed. This could end up costing you a lot more than if you had simply submitted a return on time!

Tips for Staying on Top of Finances When Submitting Your VAT Return

1. Keep track of your expenses and income throughout the year so you know how much VAT you owe.

2. Stay organised by keeping all of your receipts and invoices in one place.

3. Use accounting software to help you keep track of your finances and submit your VAT return electronically.

4. Make sure to file your VAT return by the deadline to avoid penalties and interest charges.

Conclusion: Why It’s Crucial to Stay On Top of Your Finances

As a business owner, it’s crucial that you stay on top of your finances and ensure that you submit your VAT return online correctly and on time. Not only will this help to keep your business finances in order, but it can also save you money in the long run.

If you’re not sure how to submit your VAT return online, there are plenty of resources available to help you. HMRC offers a helpful online tool that can guide you through the process step-by-step. Alternatively, there are many accounting software packages that can help you with submitting your return.

Once you have submitted your VAT return, make sure to keep track of any changes or updates from HMRC. This way, you can be sure that you are always up-to-date with the latest rules and regulations.

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