Sage Instant Accounts For Dummies

Chapter 13

Running Your VAT Return

In This Chapter

Checking, analysing and adjusting your VAT return

Matching your VAT transactions

Sending in your VAT return

Transferring your VAT

Making a VAT payment or receipt

The acronym VAT (which stands for Value Added Tax, of course) often has a profound effect on people – from turning grown men pale to inducing a state of panic when a VAT inspection suddenly looms! You can avoid all this hysteria by keeping proper accounting records with a system such as Sage and running your VAT returns in a systematic, methodical manner.

The actual running of a VAT return takes mere seconds as a result of the integrated nature of the Sage software.

In this chapter, I take you through the basics of running a VAT Return as well as highlighting the various VAT schemes that Sage offers.

Understanding Some VAT Basics

You only need to worry about VAT if your business ...