When is my VAT return due?
Your VAT return is due and payable 1 month and 7 days after each VAT period. For example, for the quarter ended 31/07/2020, the VAT return is due and payable on 07/09/2020.
Your Nimble Contact will send you an email letting you know when your VAT period has just ended.
There are several different payment methods and it takes 3 days for payment to clear.
We recommend paying your VAT by Direct Debit (DD). This is for two reasons
- You don’t have to do it manually, as payment is taken automatically from your business bank account once your VAT return has been submitted.
- This gives you a few extra days to review your return as you can then submit your return even on the last day of the 1 month and 7 day period, which is then not counted as a late return, as the DD is taken on the same day
When initially setting up your DD, please ensure that it is done at least 3 working days before you submit your VAT return online otherwise the payment will not clear on time and be classed as late. You can set up your DD by using your VAT online account.
There are other methods of paying your VAT, which can be found by following this link.
When paying, please use your VAT registration number as your payment reference.
For repayment returns (refunds) you should receive this within 30 days from submission – if you don’t, feel free to your Nimble contact know so that they can follow up with HMRC.
What do I need to do for my VAT returns?
You will need to complete your bookkeeping up to the end of your VAT quarter and then let your Nimble Contact know once you have done so. Your Nimble Contact will then review the return and send you any comments
As a VAT registered company, you have certain obligations that you will need to adhere to from both a sales and purchases perspective.
- You are obliged to charge VAT on your sales and collect it on behalf of HMRC
- You will need to issue valid VAT invoices which have the relevant VAT sales code and your VAT number on them. You can have a look at the VAT on Sales process flow for details on which VAT code to use when.
- If you sell on any Ecommerce platforms, you will need to update them to reflect your VAT registration.
- You can claim UK VAT on your purchases where VAT has been charged.
- Please have a look at the VAT on Purchases process flow for further details on which VAT code to use for each expenditure.
How to submit my VAT return
Once you are happy with your VAT return and your Nimble Contact has reviewed it, it needs to be submitted to HMRC. To see how this is done, you can have a look at this How to submit a VAT return document.