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If you are registered for VAT you will need to keep a VAT summary of the output tax and input tax for each relevant accounting period. The usual accounting period is three months but a one month period is also allowed in certain cases.
The information contained in the summary must be entered onto a VAT return every three months (or one month if applicable) and then submitted to the VAT Department. If any tax is due this must be paid over to the VAT department no later than the 15th day of the second month after the end of the relevant accounting period. Meanwhile smaller business may apply for exempt status.
Why should you be interested?
You may be liable to submit returns and make VAT payments, but not be aware of this. You may be entitled to register as an exempt person if your business qualifies as 'small'.
Perhaps your input tax exceeds your output tax on a regular basis and you are entitled to repayments of VAT. You may also be entitled to apply for VAT deferrals on importations.
Maybe you have made errors on previous returns and are not sure how to go about correcting them.
How can Grant Thornton help you?
We have VAT specialists who can advise on the variety of schemes and help you to identify your business' requirements and entitlements. Our specialists can also deal with the VAT Department on your behalf.
We can check your VAT returns and payment calculations. We can show you how you should keep records and also remind you when returns and payments are due. We can also help with any question, no matter how big or small, that may be worrying you.
Contact us about Returns and Payments
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