The VAT Return is a statement sent to the tax authority by a business
showing the amount of VAT to be paid to or refunded by the state. At preset
intervals you need to fill in a VAT Return with details of your sales and
purchases. You can do this online
or using a paper return. If the VAT on your sales is more than the VAT on your
purchases you must pay the tax authority the
difference. On the other hand, if the VAT on your purchases is more than the
VAT on your sales you can claim the difference back from them. Refer to the
HMRC website
or the Irish Tax and Customs website for further details on VAT Returns.
For U.K. customers from 1st April 2019 VAT Returns must be submitted using HMRC's new Making Tax Digital (MTD) service, see this separate instruction document or view this video tutorial for details on how to submit your Return using this service from Power-Gx.
The VAT Return screen in Power-Gx provides you with the figures required
to fill in your VAT Return, presenting them in a report which mirrors the official
VAT Return form. The figures are taken from your Sales and Purchases
Ledger and also include Nominal
Cash Book Journals.
1. Select Gx Nominal in the toolbar.
2. Select VAT Return from the menu.
3. Enter the Start Date and End Date to include in the report. Be careful to
include the correct dates for the current VAT period.
4. Enter the VAT Period No. that these dates relate to. The VAT figures for
this period will be displayed.
5. If you wish to view the transactions that make up the Sales, Purchase or
VAT figures shown on the VAT Return , double click on the cell containing the
figure. Alternatively click on the value, an ellipsis icon
will appear to the right of amount. Click this icon
and you will be displayed the transactions making up the VAT return
figures. On the VAT Return Transactions screen if you are using cash accounting you may view the cash allocated to each invoice by double-clicking it.
6. Click the Print button to print the VAT Return report for the selected date
range. This does not clear the VAT file. Your next step is to
enter the VAT
payment
onto the system.
will appear to the right of amount. Click this icon
and you will be displayed the transactions making up the VAT return
figures. On the VAT Return Transactions screen if you are using cash accounting you may view the cash allocated to each invoice by double-clicking it.
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