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VAT returns

VAT returns become part of your routine activities when you are a VAT registered company. And in this day and age most businesses engage in international trading so as to gain a competitive advantage on competitors. With a more globalized economy, international trading has become more advantageous and consequently many businesses decide to export goods to foreign countries, and/or import as well. Many businesses engage in importing and/or exporting activities with the 28 EU member states, and it is a must for such a trader to be VAT registered. Although there is a certain threshold to be exceeded to be obliged to register for VAT, it is still better to be VAT registered from the start so as to be on the safe side, just in case that threshold is exceeded. Otherwise you might have to pay certain fines. A fiscal representative will take care of your VAT registration and VAT returns. Once your business is VAT registered you will be assigned your VAT number. From then onwards you will need to add the applicable VAT rate to the price of the goods or services that you are selling. This extra portion is then to be sent to the tax authority as you would have collected it for this legal reason primarily. The VAT return is a form that you need to complete and file with the tax authority. VAT returns need to be submitted periodically, usually four times per annum. In the VAT return you are showing how much VAT you are due to pay. So the VAT returns will be showing how much VAT you collected on your sales within the specified period, along with any VAT that you may reclaim on eligible purchases that you made within that period. Even while trying to explain what a VAT return is you are most probably getting a bit confused. The process of preparing and filing the VAT returns is in fact quite demanding, and it is best to leave it in the hands of an expert. A fiscal representative can offer you invaluable help when it comes to the preparation and filing of VAT returns. VACUE can assist you with the allocation of an experienced fiscal representative.

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