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A VAT return is a form sent to HMRC outlining your business’s VAT activity. This covers both the VAT you paid to suppliers and the VAT you charged customers.
Normally, you have to file a VAT return every three months, although there are exceptions to this rule. Even if you owe no VAT or are owed a refund, you must still submit the return.
Important details contained in a VAT return are:
Congratulations! This indicates that you have a well-established trade compliance procedure. Ongoing vigilance and expertise are necessary to achieve and maintain 100% compliance. Despite having comprehensive trade compliance knowledge, navigating the intricacies of import/export regulations can be difficult. Thus, consider getting assistance from industry leaders like iCustoms to serve as your reliable partner throughout the procedure.
Oh, that is alarming! Your answers show that you have some serious mishaps in your trade compliance policies. Reach out to iCustoms to cope with all the issues, whether it be unclear records, missing documents, or lack of established protocols, saving you from fines and penalties during an audit.
You’re halfway there! This figure demonstrates that you have the basic trade compliance procedures in place, but it still needs to be improved. iCustoms can assist you with clear agreements, easy documentation, HS code verification, or any other issue you may face.
Solid progress has been made! It is evident from your response that you have a stable grasp of important areas of compliance. However, there could be some other areas requiring additional attention, which may be internal audit procedures, anti-dumping duties, or others.