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The Create VAT Return process creates the VAT return lines based on the entries made. Every line contains a VAT category for which the amounts of the relevant entries within the period specified are added up. You can check the details against the journal, and correct or supplement them if required. Once the lines have been approved, you can complete the VAT return, and submit the actual tax return based on the VAT return lines.
Calculation of totals
This section explains how the totals of standard lines are calculated. Business-specific lines, such as Private use 1D, are not included in the totals.
Calculation |
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Subtotal/Total |
1A Subject to high rate +1B Subject to low rate + 1C Other rates |
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5A Subtotal |
5A Subtotal - 5B Input tax |
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5C Subtotal |
5C Subtotal - 5D Small enterprises = |
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5E Grand total |
5E Grand total - 5F Balance of reported amount = |
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5G Total amount to be paid/reclaimed |
You can display the calculation by dragging the Expression column on the form (View > Columns). The View column shows whether you need to include the base amount and/or the VAT amount in the tax return.
Rounding
All line amounts are rounded, as you also have to fill in rounded amounts on the actual tax return. On the right-hand side of the form, you will see your amounts with two decimals. Round down the amounts you need to pay to the tax authorities. Round up the amounts you can reclaim from the tax authorities.