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Calculating your VAT return

You can use Clever Accounts to calculate your VAT liability at any time to get an idea of what could be owing, or when your VAT return is due for submission at the end of each quarter.

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Enter the dates of the relevant VAT period and click on submit.

Include late VAT claims:  if you have already submitted VAT returns previously you will have saved them as "sent" (see later).  This marks all items within the return period as being declared.  However, you may have missed receipts from previous periods that you have only just found and have subsequently entered them into the system already.  

By ticking the box, Clever Accounts will look for any items that have been entered that have not been marked as saved in a previous vat period.  These items will be taken into account within the current VAT period calculation.

If you do not tick the box the prior period transactions will remain unclaimed but will not be lost.

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A replica of the VAT return will be displayed with each box populated with the calculated figure based upon the receipts you have entered.  It is always advisable to check all boxes to ensure all items are correct.

There are two ways to check the VAT return.

Drill down

Click on any test on the 9 boxes on the return and view the detailed transactional list that makes up the calculated figure.  You can click on each transaction to view details of the individual item and make any amendments as necessary.

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View VAT Breakdown

Clicking on the "View VAT breakdown" button (top right) will display all items in all boxes split between each VAT rate.

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This is a great way to get a detailed overview of your VAT return on one page.  The report shows what transactions make up each box plus the relevant amounts as well.

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Saving your VAT Return

Once you are happy with the figures and have submitted the return to HMRC (using the HMRC online portal) you should save the vat return on Clever Accounts so that all transactions included in the calculation are marked as claimed so to avoid duplication on a future period.

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Enter the VAT period the return relates to.

Enter the date of submission of the vat return to HMRC and click on save this return.  This will clear down the VAT return and remove all entries from the live VAT calculation.

 

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