Running Your VAT Return
In This Chapter
Checking, analysing and adjusting your VAT return
Matching your VAT transactions
Sending in your VAT return
Transferring your VAT
Making a VAT payment or receipt
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 basics of running a VAT Return as well as highlighting the various VAT schemes that Sage offers.