|Timing Of Filing Of VAT Return|
|Once a business is registered for VAT, the interval at which returns are to be made is decided between the trader and the Customs and Exisce.The usual period are:
Two factors to consider whether monthly or quarterly:
|Steps In The Filing Of VAT Returns:-|
|a.At the end of each period a certain amount of tax has been charged out to customers as part of the sale prices of the business’s goods or services – Output taxb.In the same period, tax has been charged by suppliers in addition to the purchase price of materials, goods and services. This tax can in most cases be reclaimed and is known as the – Input tax
c.If the tax received on sales or output tax is greater than the tax paid on purchases, then the business must pay the balance.
d.If the reverse is true then there is money owing to the business and the balance may be claimed from the Customs and Excise
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