VAT Return Flash cards

Question	Answer
What figures contribute to box 1?	Sales and other outputs, less sales returns. Include corrections from previous returns. VAT due on zero rated services from other EU member states
What does box 2 contain?	VAT due on acquisitions from other EU member states
What figures are contained in box 4 ?	Purchases and other inputs, less any credit notes. EU acquistions. Error corrections. VAT due on zero rated services from other EU member states. ( same as box 1).
What calculation is made to determine the value in box 5?	Box 3 minus box 4
What value is in box 3?	Sum of boxes 1 and 2
In what way are boxes 6 to 9 rounded?	Figures are pounds only - rounded down.
What figures are contained in box 6?	Net sales and other outputs. Less any credit notes. Also include supplies to EU and non EU states.
What figures are in box 7?	Net Purchases less any returns. Imports and acquisitions from EU and non EU member states.
What does box 8 contain?	Total of net supplies to EU member states
Box 9 in the VAT return contains what?	Net Acquistions to EU

Resource summary

	Created by ross young over 3 years ago