Running Your VAT Return
In This Chapter
Checking, analysing and adjusting your VAT return
Matching your VAT transactions
Sending in your VAT return
Clearing down your accounts
Switching VAT schemes
Accounting for scale charges
Tracking for Intrastat
The acronym VAT (which stands for Value Added Tax, of course) often has a profound effect on people – from turning grown men pale to inducing a state of panic when a VAT inspection suddenly looms! You can avoid all this hysteria by keeping proper accounting records with a system such as Sage and running your VAT returns in a systematic, methodical manner.
The actual running of a VAT return takes mere seconds as a result of the integrated nature of the Sage software.
In this chapter, I take you through the two different VAT schemes ...