VAT reporting is a simple way to keep track of your business’s sales and purchases. It’s easy to use and has special accounts for sales VAT and purchases VAT. You can then export the report to HMRC (VAT) and upload it into the online system. It also can email or download the report to your computer. You can also save it to Dropbox to send to HMRC. Although, you can hire professional VAT agent in Dubai to handle your vat return tasks, but with these simple steps you can manage yourself.
You must file a VAT return at the end of each tax period. Even if your business is not VAT-liable, you must still file a return. Unlike other taxes, you don’t have to submit a VAT return for any tax period unless you take a break. You can submit your return any time you feel like. However, if you have a seasonal break or a period of non-activity, you can also file your return on paper.
Be sure you have all the necessary documents:
You should have all the documents ready before you file your VAT return. You must also have all the documents that you need to support your claim. You must include invoices, receipts, and records that tie into your VAT number. Once your return is approved, the government will process it and refund you. If you have to pay extra tax, you will get a refund. This will be paid within 15 days.
You must reconcile your bank accounts:
Once you have completed the forms for your VAT return, you must reconcile your bank accounts. If you find mistakes on your return, you can file a revised VAT. The revised version will be considered the original return. It would be best if you made the necessary corrections within the specified time limit to avoid penalties. Ensure that you submit all the necessary documents on time.
Keep all the document up-to-date:
You should keep all the documents up-to-date in wave. You should reconcile your bank accounts to ensure the accuracy of your bookkeeping. When you have the right files, you will claim your refunds. Once you’ve completed the process of filing your return, you should check your invoices to ensure that everything is correct. You can also make sure that your VAT returns are up-to-date.