VAT - Returns and Payments

Question 1

How must all VAT registered businesses pay and submit returns?

Answer 1

Electronically

Question 2

What does the VAT return show and what is its other name?

Answer 2

From Vat100 shows total output VAT and total input VAT for the period

Question 3

Where payment is not made by direct debit, when is the due date for the VAT return?

Answer 3

The same date as for the payment of VAT

Question 4

When is any VAT payable due?

Answer 4

One month and seven days after the end of the quarter

Question 5

How long is a trader’s VAT return period normally?

Answer 5

3 months long, but traders who regularly receive payments can opt to have monthly return periods to receive their repayments earlier

Question 6

What can HMRC do if a trader does not submit a VAT return?

Answer 6

Issue an assessment showing the amount HMRC believes is due

Question 7

Where a trader pays be direct debit, when are payments taken from the trader’s bank account?

Answer 7

One month and 10 days after the end of the quarter