VAT Compliance: Filing your returns | Global E-Commerce Experts - Compliance Corner

E-Commerce Expander Secrets

Andy Hooper

Business

5 • 9 Ratings

🗓️ 1 September 2020

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

We've discussed at length the different VAT schemes, how to set up VAT but we've never really gone into your filing and VAT returns.

It's all good knowing that you pay us on a monthly or annual basis to look after your UK or EU VAT - ensuring your compliance to the European regulations and enabling you to sell internationally with no issues.

But what is it exactly we do? And what do we require of you still to ensure the whole process runs as smoothly as possible? Find out with today's Compliance Corner!

#vatreturns #vatfiling #compliance #amazonfbaseller #amazonsellers #amazonfbaexpert #amazonfbacoaching #amazonfba #compliance #contentcorner #globalecommexperts

Transcript

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0:00.0	Good afternoon and welcome to another content corner.
0:04.0	Today we're going to be talking about VAT compliance.
0:07.0	And we've talked about what flat rate is,
0:10.0	we've talked about how to set up VAT.
0:12.0	We've covered many, many topics on VAT.
0:15.0	But the one thing we've not really covered is you're filing.
0:18.0	How does the quarterly returns actually work? So the first thing to say
0:22.4	is that here in the UK, the VAT returns are done on a quarterly basis. So for example, January
0:27.6	February and March, of all of your cells in January February and March will be totted up.
0:32.6	All right? And then we'll basically work out what you owe in those months. Now the first
0:36.6	thing to say is not everybody is in the same period.
0:39.7	So January and February and March is one period,
0:42.0	but February, March, April is another, and so on.
0:44.8	All right, so you might not be in a,
0:46.8	you will be in a set period,
0:49.0	but you might not be January, February, March, all right?
0:51.8	But I'm gonna use use January February March as an
0:54.5	example so what happens is when we do your filing is we take all of your sales that
1:00.8	have happened in January February and March now the period ends on the 31st of March
1:05.8	now you have a month and seven days before you have to file your return.
1:13.3	Now that return is therefore due on the 7th of May.
1:17.7	So the period ends on the 31st of March, you've then got the whole of April and until
	...

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