VAT Return Preparation
According to the European Commission website, Value Added Tax (VAT) is a consumption tax charged on most goods and services bought and sold in a taxation community or territory.
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Filing
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The HM Revenue & Customs website from the United Kingdom says a VAT return must be filed with the relevant taxation authority at the end of a VAT period. VAT periods usually operate over a three-month time span. Returns can be filed on paper or online.
Completion
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The Business Link website says that when completing a VAT return, each box must be completed on the form. Where negative amounts are included on the form, a minus sign must be placed in front of figures on the online return, but negative figures are placed in parentheses when using a paper return. Areas of the return that do not apply must be completed as "none" or "N/A."
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Information
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The VAT return includes accurate information on the amount of VAT a business charges its customers over a specified period. The HM Revenue & Customs website reports the information included on a VAT return is used to calculate the amount of money a business owes the taxation authority, or how much is to be repaid to the business.
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