VAT returns
Open in the demoQuarterly VAT returns worked out from your ledger, filed with approval and paid from the bank.
Find them under Tax VAT & tax. Filing needs an Owner, Admin or Manager.
Tax rates
| Rate | Percentage |
|---|---|
| Standard | 18% |
| Zero-rated | 0% |
| Exempt | No VAT, and not counted in the VAT boxes |
A rate's percentage can't change once it has been used, so past returns always match.
The return
Each quarter's return is built from the ledger:
| Box | What it holds |
|---|---|
| 1 | VAT due on sales (2100 VAT output) |
| 2 | VAT reclaimable on purchases (1150 VAT input) |
| 3 | Net VAT to pay or reclaim |
| 4 | Sales excluding VAT |
| 5 | Purchases excluding VAT |
The return is due 37 days after the quarter ends, and can only be filed once the quarter is over.
Filing and paying
- Prepare return and check the boxes against the VAT detail report.
- Record as filed. By default this needs an Owner or Admin other than the preparer. Filing clears 2100 and 1150 into 2110 VAT payable.
- Record payment (or Record refund) when the money moves. It posts between 2110 and the bank.
Tip. Lock the quarter after filing so nothing dated in it can change. See Locking the books.