At the end of each VAT period we will file your VAT return for you at HMRC. Before we can file your return you’ll need to ensure you’ve entered all your transactions and checked your VAT return for completeness.
We’ll complete checks for you before we file your VAT return however we recommend that you review your return and calculations too. It’s quick and easy and you may spot an error with the transactions you entered that we would not be aware of as we don’t have your original records.
Update your records
Our detailed guide on processing of VAT returns explains the steps required to update your records. The following are a summary of the checks to complete before reviewing your return.
| 1. Check your bookkeeping Do the bank balances in the bookkeeping area of inniAccounts at your VAT period end match exactly the balances shown on your business bank statements? This applies to all business accounts including savings and credit cards. |
| 2. Record expenses Have all expenses that have been paid for personally by you or any of your employees been recorded in the Quick Entry area? |
| 3. Record business journeys Have all business journeys using a personal vehicle been recorded in the Quick Entry area? |
| 4. Record asset purchases Have you entered asset purchases either in Quick Entry area if paid for personally, or into the bookkeeping area if paid from a business account? |
| 5. Check your invoices Have all your invoices been created in the application (even if you use a self billing system or create invoices outside of the application)? |
Review your VAT return
Once you’ve entered all your transactions for the VAT period and you are happy your records are accurate, you can then review your VAT return calculations.
| 1. Check your flat rate % Has the correct Flat Rate percentage for your business type been applied to the sales for the period (your percentage is shown in the calculations section at the bottom of the VAT return)? |
| 2. Check if you have a discount If you are in your first year of VAT registration, has the 1% discount to your Flat Rate percentage been applied to your VAT return? |
| 3. Check assets over £2,000 If your company has purchased any assets costing over £2,000 during the VAT period, are they included in the VAT return and their VAT reclaimed? |
If you are unsure about any of the entries in your VAT return, please contact your account manager for advice.