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Business Tips

When is my VAT due?

There are two parts of dealing with filing for VAT, filing of the VAT return itself and payment of the VAT liability due.

The VAT return due date will depend on a number of factors.  Most businesses will prepare a VAT return on a quarterly basis, although other options are available.  Your VAT quarter will be assigned to you by HMRC.  This may not necessarily be calendar quarters and can in fact be any month end.  Should you wish, it is normally possible to change your VAT quarter.

You will then be required to submit your VAT return online, no later than 7th of the month, in the second month after your VAT period ends.

For example, a VAT period ending on 30th September will mean the VAT return is due by 7th November.

Payments of VAT also need to be paid by an electronic means.  There are a number of ways to do this, which includes; Direct Debit, Bank Payment, Debit or credit card, or by standing order.  Most businesses will need to pay by the same date as their VAT return is due (7th).

Larger businesses may need to make payments on account against their VAT liability.  If this is the case, VAT payment dates may differ.

For more information in relation to VAT, please contact Wisteria’s tax team on 020 8429 9245.

Please note that the above does not constitute specific advice.  You are always advised to consult an expert before relying on any information.