VAT return preparation in 5 easy steps

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Every VAT return you process should be submitted to HMRC on time every tax period.
A tax period for VAT is usually three months. Any payment of VAT that is due should reach HMRC by the due date. 

Here is how to produce, reconcile and submit VAT returns to HMRC if the organisation you are working for is VAT registered.

The 5 simple steps you should follow:

1. Gather together your business records for the tax period
2. Use the business records to create your VAT account for the period and from your records, establish: 
a. VAT due in the period on sales and other outputs
b. VAT due in the period on acquisitions from other EC (European Community) member states
c. VAT reclaimed in the period on purchases and other inputs (including acquisitions from the EC)
d. Total Value of sales and all other outputs excluding any VAT
e. Total value of purchases and all other inputs excluding any VAT
f. Total value of all supplies of goods and related costs, excluding any VAT, to other EC member states
g. Total Value of acquisitions of goods and related costs excluding any VAT, from EC member states.

3. Once you have established the figures in 2(a-g) above use them to fill the VAT return online form
4. Review the online form to make sure that all the entries are correct
5. Submit the VAT return electronically online and reconcile the VAT return in your accounting system. Remember to make arrangement to pay any VAT due (if applicable) as soon as possible. If you are due a repayment form HM Excise and Customs, a payment will be sent to you. 

I hope you find it helpful.