Your VAT return is basically a calculation of the value-added-tax
that needs to be paid to or in some cases reimbursed by the HMRC. If you are a
VAT registered business then you will be required to file your VAT returns on a
quarterly basis. Thanks to Xero filing your VAT returns online has never been
easier. As a cloud-based accounting software, Xero is specifically designed to
help small or medium sized businesses keep a track of their finances online.
Because of the legal issues involved, you
should always consult an expert before submitting your VAT returns. If you feel
that you need help completing the process you can contact Xero customer care
number and seek
additional assistance. You can also read through the steps and suggestions
given in this article so that you can complete the VAT return process without
any hassles.
Important
Points before Preparing VAT Return
Here are some
important points to keep in mind before you begin to prepare your VAT return in
Xero:
·
Be sure
to go through all the transactions for the return period to make sure the
information entered is accurate
·
Run the
bank reconciliation summary to make sure all the accounts are reconciled with
the end if the return period.
·
Create
a general ledger report and verify any transactions that may appear on the
Exceptions tab
·
Double
check the financial settings to certify your VAT details
·
Publish
the returns for any previous period according to the date
How
to run your VAT Return?
If you have checked
and verified all the transactions for the return period then you can follow the
steps given below to run your VAT Return on Xero:
·
Step 1:
Open Xero and login in
·
Step 2:
Go to the Accounting menu
and select ‘Reports’.
·
Step 3:
Look for the Tax section and
click on ‘VAT Return’.
·
Step 4:
Choose the ending date of the return period and click ‘Update’
·
Step 5:
You have the option to save as a draft so that you can finish your return
checks before the final submission.
·
Step 6:
If all the information is accurate you
can click ‘File VAT Now’ to complete the process.
VAT Adviser Review
Before you finalize
your VAT Return Xero recommends that you get it reviewed first. Any user in the
organization who has adviser access can be asked to review the VAT Return. You
can follow the steps given below to request a review:
·
Go to the green window
at the top of your VAT return
·
Select the highlighted
option that reads “ask your adviser
to review this return.”
·
Choose
an adviser from the list given, type your message and click ‘Send’.
If you need the VAT
Return for future reference you can export it using Google sheets or Microsoft Excel. If you have any trouble preparing your
VAT Return on Xero you should contact Xero customer
service number and ask for help.
A team of professional Xero experts is available 24 hours a day to provide
quality technical assistance to resolve any VAT error you may encounter on
Xero.
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