1. 1 VAT RETURNS

2. 2 Reporting of VAT Typically, businesses will report details of their Output VAT and Input VAT to HMRC every three months. This is done using the VAT return (a VAT 100 form) at the end of each quarter. The return summarises all the transactions for the period This is known as the Standard VAT Accounting Scheme.

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4. 4 The quarterly VAT return consists of a series of boxes to be completed at the end of a VAT period The return must be signed by the trader (or his/her agent) and must be received by HM Revenue & Customs on or before the last day of the month following the end of the VAT quarter which it relates to

5. 5 The Vat proforma (see handout) is based on the boxes to be completed when preparing the VAT Return (VAT100) This proforma will be used in any examination at this level which relate to the preparation of the Vat return In practice this proforma may be completed with the figures then being copied into the corresponding boxes on the actual VAT Return (Vat 100)

6. 6 Now lets have a look at the VAT Penalties for mistakes and delays on page 12 of you supplementary chapter