The timeline of a VAT return
Which steps sit between closing a period and filing the return. Placeholder content.
Placeholder. This note exists to test the pipeline and will be replaced.
The order of things
- close the period in the records
- check that turnover and VAT payable agree
- put any differences back to the client
- only then file
A return that goes out before the reconciliation almost always needs a correction. A supplementary return is no disaster, but it costs twice the time of getting it right once.
What tends to be left behind
Accrued supplier invoices, and the margin on recharged costs. For the wider picture see the note on the payroll journal entry.
Placeholder. A concrete description with real deadlines goes here later.
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