Did you know the deadlines for the VAT submission and payment are the same? This implies that you should schedule your returns appropriately, as a late submission can result in a late payment. A late payment means your funds may not reach HMRC on time, leading to hefty penalties.
Companies, especially those starting to pay their VAT, often make mistakes on their VAT returns. These mistakes cost them money and can potentially damage their reputation.
If you’re struggling with understanding VAT return deadlines, this guide is for you. Here you will learn about the three most common VAT return schemes approved by the authority. So, without any delay, let’s just get started.
Understanding VAT Return Deadlines
There are 3 VAT return schemes: monthly, quarterly, and yearly. Let’s learn about these in detail.
Monthly VAT Return Deadlines
In this scheme, you must submit your returns and pay your VAT monthly. The return and payment window is one month and seven days after the end of your VAT period, meaning if you want to submit your VAT bill for January, you will need to complete and file your VAT return before 07 March (that’s one month and seven days).
Quarterly VAT Return Deadlines
This is the most common form of VAT return, in which you will submit your VAT returns and payments four times a year. The timeframes for these VAT returns are:
- 01 January to 31 March
- 01 April to 30 June
- 01 July to 30 September
- 01 October to 31 December
However, these timeframes are subject to change depending on different HMRC regulations and other factors. So make sure you know the exact dates when HMRC wants you to submit your returns.
The due date timeframe is similar to monthly policies, which means you are expected to file your VAT returns within one month and seven days after the end of each quarter.
Annual VAT Return Deadlines
Annual VAT Return Deadlines Companies participating in the VAT Annual Accounting Scheme are expected to file their VAT returns and payments annually. Under this scheme, businesses only need to deal with VAT returns and payments once a year.
This option feels less daunting since you don’t need to keep up with all those VAT return deadlines monthly or quarterly. However, keep in mind that the deadlines for filing your return can vary from quarterly and monthly schemes. Hence, make sure you check your due dates in your online profile.
Ending Thoughts
Understanding VAT return deadlines can be daunting, and busy business owners often lack time to spend on research and reading policies. If you’re facing the same issue, it’s wiser to delegate this task to professionals like Stellarwiz.
We are a team of professional finance managers who offer end-to-end outsourced bookkeeping and VAT return services to every scale of business, whether they’re startups, SMEs, or large organisations.
For more than fifty years, we’ve been a reliable finance management partner to our global clients, and we assure you we will deliver the same level of satisfaction to you. Interested in discussing more about your requirements? Give us a call and get a free quote.
