Value Added Tax Return(VAT100)

A business should keep a record of its sales and purchases, and the amount of VAT it has charged and can reclaim. These figures should be extracted for the period covered by the return. For most businesses, the VAT return can be completed by transcribing the figures into the VAT return as follows:

Box 1 and 3	VAT on sales
Box 4	VAT on purchases which is allowable input tax
Box 5	Box 3 less Box 4 - gives payment or repayment due
Box 6	Sales, net of VAT
Box 7	Purchases, net of VAT

If transactions have taken place within the EC, these also have to be put on the return, in boxes 2, 8 and 9 as appropriate.

More details on VAT are available in 'VAT Processes'
Liberty Accounts strongly recommend that if you are new to or unfamilar with VAT you consult with your accountant before completing your return.

Liberty Accounts Online VAT Filing

Liberty Accounts supports online filing of VAT declarations, both VAT100 and VAT101(EC Sales List).

To use online VAT filing simply:

In the business profile VAT section ensure the VAT Online Filing option is checked.
In the business profile VAT section ensure your VAT number is correct.
Ensure you are registered to file VAT online with the Government Gateway

When you have received your login credentials you need to record these in Liberty Accounts** via menu option Special-->Government Gateway-->Set Credentials

For EC Sales List submissions ensure all non-UK EC customer records are set up correctly with a VAT number and the customer country defined.

** The credentials stored by a user for a business will only be used for submissions for that user/business. The password is stored using a one way encryption technique to protect your security.