Sage 50 Accounts For Dummies® 2nd Edition

Chapter 17

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 ...