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.

Top tips on how to get accounting jobs in the UK

1. Here are five things you should put on your CV

• The CV needs to be relevant to the Job you are applying for
  
• Show you have a range of relevant experience
  
• Clearly state your qualifications
  
• Show you can respond to challenges
  
• Detail your achievements

Qualifications like ACCA, CIMA, AAT, ICAEW will arm you with the knowledge and skills that project solid technical and professional capabilities.

When applying for roles, you need to find out where your strengths lie and what really interests you when applying for roles.
Take some time to do some work experience within a finance department and gain solid relevant practical work experience in accountancy.

2. Here are five things to do during an interview

If you are successful in a job application and you are called for an interview, here are top ve things you should do during your interview:

• Be honest – don’t try to make up an answer if you don’t know something.
  
• Show evidence of your competencies.
  
• Communicate clearly – eye contact, answering questions fully, using appropriate language are all important.
  
• Show passion for the company.
  
• Be professional.

Besides knowing what you should do at interviews, you should also know what you should not do at interviews. Here they are:

• Don’t rush into giving an answer or response to a question, ensure you understand what’s being asked and consider the context of the question.
• Do not go unprepared and make sure you have thought about the sort of questions you might be asked and have examples for each question. 
• Refrain from using technical jargon where possible and talk about your contribution to a task, not just what your opinion or point of view on the subject. 

All the best to you.

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