Finance
VAT Return
The VAT Return is the regular submission of VAT to HMRC in the UK, in which VAT collected is compared with deductible input tax. Depending on the size of the company, it is usually prepared monthly or quarterly for a posting period and results in either VAT payable or a refund. It is based on correctly posted documents and tax code determination, so that tax rates and assessment bases are evaluated correctly. After the period is closed, the VAT Return is reviewed, approved and submitted on time so that payment or refund can be posted on time.
