how do i calculate a vat return?

Answer 1

Wow that really depends on which scheme you are using.

Now would be a good time to speak to your local VAT office.

Once you know which it's quite easy. Some software systems will even do all the calculations for you.

Answer 2

There are several things that you need to do on a VAT return:
1. Record the Total amount that you have invoiced to your customers
2. Record the Total amount that you have been invoiced by your suppliers
3. Record the VAT that you have charged your customers
4. Record the VAT that you have paid your suppliers

The difference between the VAT that you have charged your customers and the VAT that you have paid your suppliers is due to the Inland Revenue. If you have paid more VAT to your suppliers than you have to your customers you will probably be due a refund.

You also have to bear in mind any VAT schemes and exemptions that relate to your area of business.

You can find further information about VAT on the Inland Revenue web-site: www.hmrc.gov.uk and click on the section for VAT.

Good luck

Answer 3

Basically,
Take all of your VAT purchase receipts and add up the total of the VAT you've paid to suppliers.

Then do the same with your sales records.

If you've charged your customers £1500 Vat over the period and paid £1000 VAT to your suppliers, you owe the revenue £500.

Answer 4

VAT charged to customers over VAT paid to suppliers
is due to the Inland Revenue; VAT paid suppliers over VAT charged to customers are refunds or tax deductions due from the Inland Revenue. The net of which becomes payable/refundable respectively.

VAT is required if taxable turnover exceeds £60,000, or goods were acquired from EU. The three applicable rates:
17.5% (standard-rate);
5% (reduced rate) and;
0% (zero-rate);

This being the transition period of paper to paperless when doing VAT returns, paper VAT 100 are available, or go online. Be mindful of late VAT returns penalties.

Note: HMRC's Dec 1st deadline on the VAT system of "reverse charge". - The end retailer will be the only one to apply VAT on some electronic goods subject to final authorisation by EU Commission. The aim is to reduce "carousel" fraud by checking claims for VAT refunds. Strongly suggest you visit customs site if you trade in things like handphones.

Answer 5

I think that on total amount you times by 17 and divide by 47 and that should give you amount of VAT you have paid and also if you have been given a receipt with only the total work it out the same way

Answer 6

Good Question !!!!!