ProKeeper

Understanding VAT Return Boxes: A Comprehensive Guide

VAT Return Box 1: VAT Due on Sales and Other Outputs

In Box 1, include the total VAT charged on all goods and services supplied during the return period, known as ‘output VAT’. This encompasses VAT due under the reverse charge for services from non-UK suppliers or construction services under the domestic reverse charge (DRC). For more details, refer to our article on domestic reverse charge VAT for construction services.

If you use Postponed Import VAT Accounting (PIVA), declare the output tax here. Additionally, include VAT on non-core business supplies such as:

  • Fuel scale charges
  • Sales of stock and assets
  • Supplies to staff
  • Goods taken for private use
  • Gifts costing more than £50 (excluding VAT)
  • Self-billed invoices from customers

Deduct any VAT reimbursed through credit notes in this box.

output VAT,
VAT,
VAT Accounting,
VAT-registered, 
HMRC,
UK VAT, 
UK VAT returns,
VAT returns,
vat tax return,
annual vat return,
vat tax filing,
hmrc vat tax return,

VAT Return Box 2: VAT Due on Acquisitions of Goods

Box 2 applies only to businesses in Northern Ireland acquiring goods from EU member states, under the Windsor Framework. Include VAT on these acquisitions and related costs such as packing, transport, or insurance from VAT-registered EU suppliers.

output VAT,
VAT,
VAT Accounting,
VAT-registered, 
HMRC,
UK VAT, 
UK VAT returns,
VAT returns,
vat tax return,
annual vat return,
vat tax filing,
hmrc vat tax return,

VAT Return Box 3: Total VAT Due

Box 3 is the sum of Boxes 1 and 2, representing the total output VAT due for the return period.

VAT Return Box 4: VAT Reclaimed in the Period

In Box 4, enter the recoverable VAT on purchases made during the return period, or ‘input VAT’. Include VAT from reverse charge transactions, DRC transactions, imports (including PIVA), acquisitions from the EU into Northern Ireland (matching Box 2), bad debt relief claims, and self-billed invoices.

Deduct VAT reimbursed through credit notes. Recover input VAT only with valid VAT invoices or accepted commercial documentation. For partially exempt businesses, input VAT recovery is restricted under partial exemption rules; only the recoverable amount should be included here.

output VAT,
VAT,
VAT Accounting,
VAT-registered, 
HMRC,
UK VAT, 
UK VAT returns,
VAT returns,
vat tax return,
annual vat return,
vat tax filing,
hmrc vat tax return,

VAT Return Box 5: Net VAT to Pay or Reclaim

Calculate Box 5 by subtracting the smaller figure (Box 4) from the larger figure (Box 3). If Box 3 exceeds Box 4, the difference is the VAT payable to HMRC. If Box 3 is less than Box 4, the difference is the VAT reclaimable from HMRC.

VAT Return Box 6: Total Value of Sales and Other Outputs

Box 6 should include the total value (excluding VAT) of sales and other outputs during the return period. This covers:

  • Zero-rated, reduced-rated, and exempt supplies
  • Supplies outside UK VAT scope
  • Exports
  • Reverse charge transactions
  • Sales subject to DRC
  • Supplies to EU member states from Northern Ireland (matching Box 8)
  • Bad debt relief claims
  • Deposits received with issued invoices
  • Net value of the fuel scale charge

Exclude loans, dividends, gifts of money, insurance claims, or personal business contributions.

output VAT,
VAT,
VAT Accounting,
VAT-registered, 
HMRC,
UK VAT, 
UK VAT returns,
VAT returns,
vat tax return,
annual vat return,
vat tax filing,
hmrc vat tax return,

VAT Return Box 7: Total Value of Purchases and Other Inputs

In Box 7, enter the total value (excluding VAT) of purchases and other inputs for the return period, including:

  • Goods and services purchases
  • Capital assets
  • Imports (including PIVA)
  • Reverse charge transactions
  • Acquisitions from EU member states into Northern Ireland (matching Box 9)

Exclude wages, salaries, loans, dividends, gifts of money, insurance claims, or personal withdrawals from the business.

VAT Return Box 8: Supplies from Northern Ireland to EU Member States

Complete Box 8 if you supply goods from Northern Ireland to EU member states. Include the value of these sales (excluding VAT) and related costs, matching the value in Box 6.

VAT Return Box 9: Acquisitions from EU Member States to Northern Ireland

Box 9 applies if you acquire goods in Northern Ireland from EU member states. Include the value of these acquisitions (excluding VAT) and related costs, corresponding with Box 7.

Leave a Reply

Your email address will not be published. Required fields are marked *

© prokeeper.co.uk 2024 | SEO Agency