7th June VAT Deadline

The 7th June marks the due date for VAT returns and payment for the quarter ending 30th April if the returns are filed electronically.

This deadline applies to businesses that file their VAT returns electronically, which is now the norm under the Making Tax Digital (MTD) regulations for VAT, unless you have an exemption from MTD filing.

Who is Affected?

Any VAT-registered business that has a VAT quarter ending on 30th April, must prepare their VAT return and make the payment by 7th June. This includes businesses in all sectors that are registered for VAT, regardless of their size or turnover.

Steps to Prepare for the VAT Return

  1. Gather Your Records: Ensure all sales and purchase invoices, receipts, and other relevant financial records are in order. This is crucial for accurate VAT calculation.
  2. Calculate Your VAT: Determine the amount of VAT you have collected from customers and the amount of VAT you have paid on purchases. The difference between these amounts is what you will either pay to HMRC or reclaim.
  3. Use Compatible Software: For those under the Making Tax Digital scheme, ensure that your accounting software is compatible with HMRC’s requirements. This software should be able to keep records in a digital format and submit VAT Returns directly to HMRC.
  4. Review and Submit: Before submitting, double-check all figures for accuracy. Errors can lead to delays and possible penalties. Once reviewed, submit your VAT Return through your software.

What if You Miss the Deadline?

Failing to meet the 7th June VAT deadline can result in penalties and interest charges. HMRC may issue a default surcharge if the VAT return or payment is late. To avoid these penalties, it’s advisable to start the preparation process well in advance of the deadline.

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