Every company will have a different set of VAT reporting dates but they will nearly always be quarterly. So it could be one of the following:
December / March / June / September
January / April / July / October
February / May / August / November
It will say on your VAT certificate which periods you fall into. If you like we can always change these for you.
It normally makes sense to have your VAT reporting periods coincide with your company year end period. So if you have a June company year it would be best to have a December / March / June / September VAT reporting cycle.
The timetable for a December VAT quarter end
For illustrative purposes we will talk about a return that covers the period of 1 October 2013 through to 31 December 2013, which falls into the December / March / June / September period.
Here are the important dates:
1 January 2014 – This is the point from which you are able to submit your VAT return for the period.
15 January 2014 – This isn’t an official date but it’s usually around this time that your dedicated Caprica Online accountant will be in touch with either a draft VAT return or giving you a gentle nudge to update your Xero account so that they can prepare your return.
7th February – Your VAT return must be submitted 1 month and 7 days after the VAT quarter end date. Payment will also be due on this date unless you pay by Direct Debit.
Paying by Direct Debit
We would always encourage clients to pay their VAT by direct debit. This is partly to ensure that payments are made on time but also because you get a few days extra to pay.
The reason for getting extra days to pay is because HMRC need a few days after the submission deadline to queue up the direct debit payment.