Filing taxes can be a daunting task, but it’s important to ensure you’re keeping up with all the necessary steps. In this article, we’ll provide a step-by-step guide for submitting your VAT return online, so you can rest assured that you’ve got everything in order!

Introduction to VAT

The UK’s Value Added Tax (VAT) is a consumption tax levied on most goods and services sold in the country. VAT is charged at every stage of the production and distribution process, from the manufacture of goods to their sale in shops. The end consumer pays the VAT, but businesses can claim back any VAT they have paid on their inputs.

VAT is administered by HM Revenue & Customs (HMRC) and businesses must register for VAT if their taxable turnover exceeds £85,000 per year. Once registered, businesses must charge VAT on their sales and file periodic returns detailing their sales and purchases. Returns are usually filed quarterly, but can be monthly or annual depending on the business’ turnover.

Businesses can file their VAT return online through HMRC’s website. The process is relatively straightforward, but there are a few things to keep in mind. This guide will walk you through the steps of filing your VAT return online.

How To Register for a VAT Return

The process of registering for a VAT return is simple and can be done online. Here are the steps you need to follow:

1. Go to the website of the HM Revenue and Customs (HMRC).

2. Enter your personal details, such as your name, address, and contact information.

3. Select the type of business you have.

4. Choose the registration option that best suits your needs.

5. Follow the instructions on how to complete the registration process.

What Information Do You Need To Submit?

If you’re submitting your VAT return online, you’ll need to provide some basic information. This includes your:

-VAT registration number

-Period of return (quarterly or monthly)

-Contact details (name, address, email, phone number)

You’ll also need to provide some financial information, such as your:

-Total sales and purchases for the period

-Value of any exempt supplies

-Value of any zero-rated supplies

 Finally, you’ll need to declare whether you’re paying VAT on behalf of another person or business.

Step By Step Guide: Submitting Your VAT Return Online

Completing and submitting your VAT return online is a quick and easy process. Follow the steps below to ensure that your return is filed correctly and on time.

1. Log in to your account on the HMRC website.

2. Select the ‘Submit Return’ option from the menu.

3. Enter the required information into the online form, including your VAT number, period end date and total value of sales and purchases for the period.

4. Once you have reviewed and confirmed all the information entered, select ‘Submit Return’ to complete the process.

Benefits of Submitting Your VAT Return Online

When it comes to submitting your VAT return, going online is the way to go. Not only is it more convenient, but it can also save you time and money. Here are some of the benefits of submitting your VAT return online:

1. More Convenient

Submitting your VAT return online is more convenient than doing it manually. You don’t have to worry about paperwork or keeping track of deadlines. All you need to do is log in to your account and submit your return.

2. Save Time

Submitting your VAT return online can save you a lot of time. You don’t have to fill out forms or calculate figures manually. Everything is done for you automatically, so all you need to do is check that the information is correct and hit submit.

3. Save Money

Going online can also save you money. With manual submissions, you run the risk of making mistakes which could end up costing you dearly. But with online submissions, everything is checked for accuracy before it’s submitted, so you can be sure that you’re not overpaying or underpaying on your taxes.

Tips for Successful Online Submission

1. Make sure you have all the required information before starting the online submission process. This includes your VAT registration number, the period you are filing for, and your bank account details.

2. Double check all the information you input into the online form before submitting it. Incorrect or incomplete information can result in delays or errors in processing your return.

3. If possible, submit your VAT return well in advance of the deadline to allow time for any potential problems that may arise. This will also give you time to correct any mistakes before they become an issue.

4. Keep track of your confirmation number or receipt after successful submission of your VAT return. This will come in handy if you need to follow up with HMRC regarding your return at a later date.

Conclusion

Submitting your VAT return online is a straightforward and efficient way of filing your tax returns. We hope this step-by-step guide has been informative and that you now feel confident in using the system to submit your returns quickly, accurately and without any hassle. As long as you follow each step carefully, making sure all information is correct before submitting, you should have no problems getting through the process successfully. Good luck!