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0113 246 1234

Get ready for the quarterly VAT return deadline

The deadline for submitting VAT returns and payments for the accounting period ending 30 April 2023 is quickly approaching, with the final submission date being 7 June 2023.

If you run a business that must submit a VAT return to HM Revenue & Customs (HMRC), don’t get left behind.

Make sure you are ready for the submission deadline on 7 June 2023.

What should be included in a VAT Return?

While VAT returns are routine, it is crucial to ensure all necessary information is included. HMRC may impose penalties of up to 100 per cent of any inaccurate submissions.

A VAT return should consist of:

· Your company’s total sales and purchases for the quarter

· The amount of VAT owed

· The amount of VAT that can be reclaimed

· Any VAT refund due from HMRC

Submitting a VAT return

VAT returns must be submitted electronically, with exceptions for those who object to using computers on religious grounds, have a disability, or are too old to use a computer. In these cases, paper submissions are allowed.

All VAT-registered businesses should be enrolled in Making Tax Digital (MTD) for VAT and have MTD-compatible software to file their VAT returns.

If you don’t use MTD-compatible software, you can use bridging software as a temporary solution to connect your business with HMRC. This software does not maintain digital records, so it’s recommended to acquire suitable MTD software as soon as possible.

Payment methods

VAT payments must be made electronically through one of the following methods:

• Online via Internet banking or a banking app

• Debit or corporate credit card

• Faster Payments or CHAPS transfer

Payments made online require your nine-digit VAT registration number. Payments via Direct Debit, standing order, or Bacs bank transfer will take three working days to process.

Penalties for late submissions and payments

Each late submission results in a penalty point. For businesses submitting quarterly, the threshold for penalty points is four. Surpassing this threshold leads to a £200 penalty from HMRC.

These penalties do not apply to first or final VAT returns or one-off returns covering a non-standard period.

Submitting VAT returns and making payments can be a simple process, but you must ensure that all details are correct to avoid penalties.

For advice on submitting VAT returns and related matters, contact our team today.

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