A Value Added Tax (VAT) return is a report that businesses or individuals registered for VAT submit to their tax authorities to report their VAT transactions. VAT is a type of consumption tax that is levied on the value added at each stage of production or distribution of a good or service.
Capital accountants who prepare VAT returns for their customers typically follow these steps:
1-Collect information
2-Verify accuracy
3-Prepare VAT return
4-Submit return to HMRC
5-Pay VAT due
6-Claim VAT refund
7-Keep records
