Did you know that VAT is the same as turnover tax?
If you charge your customers VAT then you must file a VAT return.
You can file your VAT return monthly, quarterly or annually.
VAT is generally filed per quarter with the Tax Authorities.
If you are currently making monthly returns but would prefer to make a quarterly or annual return and meet the conditions set by the Tax Authorities you can apply to do so to the Tax Authorities.
The VAT return must be paid within one month and sent once the return period has expired.
An annual return must be paid and submitted before 31 March of the following year.
After the first return you must also report VAT electronically.
The small business scheme exists for entrepreneurs who do not pay much. You can apply for this per return period or with the last return of the year.
We will keep an eye on it for you.
A subsequent assessment will be received if you do not send a return or send it in to late to the Tax Authorities. If you do not submit the return or submit it too late you will be fined. Therefore always send your return on time to avoid this.
After we have filled in the return for you electronically you will see if you have to pay or if you will receive money back from the Tax Authorities. If you receive money back this money will be transferred to you as soon as possible by the Tax Authorities.
If you have to pay you must transfer the amount to the Tax Authorities within one month. The Tax Authorities' payment details are on the digital return which we send you once we have received all administrative data.
If your records are kept properly then the VAT return is fairly simple. From experience we know that is often not the case. You are good at business. Doing the books is often a time-consuming chore.
Are you looking for good advice?
Let someone else do your books so that you can concentrate on doing business. We are here for you.
Get in touch with us to talk about the best options for your administrative situation.