Quarterly VAT Return

When completing the quarterly VAT return it is important that the return is completed on time to avoid any surcharges or penalties even if the return is nil.

The date when the supply of goods or services has taken place is known as the tax point. The actual tax point is the date you issue an invoice or receive payment whichever happens first.

Time can be saved by completing monthly checks of the return. Then if there is an error, only one months worth of accounts needs to be investigated.

Time and money can also be saved by completing returns on-line. This can be done via the customs web site www.hmce.gov.uk