A VAT return has crucial accounting information and is part of the regular reporting of information to HMRC.

When you set up your VAT account with HRMC online you will be able to see and can check when you must submit your and pay any monies due to HMRC from your VAT returns. You can go to your VAT online account to check the position.

Long gone are the days when you received those dismally dark green VAT100 forms that sprouted in HMRC brown envelopes that could so easily have been mistaken for HMC Chasing Letters.

Quarterly VAT Return

If you submit your VAT return to HMRC quarterly which will be the most common method for established businesses then you will need to submit and pay your VAT return within the period of 1 month and 7 days after the three month period that is set up for your business.

So for example if your VAT return quarters match the calendar year then your quarter dates will be 31 March, 30 June, 30 September and 31 December each year and you will submit your VAT returns by no later than 7 May, 7 August, 7 October and 7 February accordingly.

The date that you must submit your VAT return is also the date that you must pay whatever VAT is due by you company to HMRC.

Annual Accounting For VAT

From 1 April 2019, most businesses will need to keep digital VAT records and use software to submit VAT Returns.

When you submit your VAT Return you either:

  • make a final payment – the difference between your advance payments and actual VAT bill
  • apply for a refund – if you’ve overpaid your VAT bill

The scheme is applicable or useful to a business that regularly reclaims VAT because it will affect your cashflow position. You will only be able to get 1 refund a year (when you submit the VAT Return).

You can join the scheme if your estimated VAT taxable turnover is £1.35 million or less.

Paying VAT To HMRC

There are various ways to pay VAT over to HMRC.

If you do not move heaven and earth to ensure that you have paid your VAT over to HMRC by the due payment date then it is quite possible that you could find yourself having to pay a surcharge.

You must ensure that you take account of any delays in handing the money over to HMRC for the VAT.

Same or next day

  • Online or telephone banking (Faster Payments)
  • CHAPS

3 working days

  • Direct Debit
  • Bacs
  • standing order (only for businesses using the Annual Accounting Scheme or Payments on Account)
  • online by debit or corporate credit card
  • at the bank or building society

If the deadline for payment expires at the weekend or bank holiday, your payment absolutely must essentially arrive in HMRC’s bank account on the last working day before it (unless you pay by Faster Payments).

It is recommended that you check your payment date carefully. There is help available as you can use the VAT payment deadline calculator tool to work out how much time to allow.

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Disclaimer: HMRC VAT Deadlines

This page: HMRC VAT Deadlines is not legal advice and should not be relied upon as such. This article HMRC VAT Deadlines is provided for information purposes only. You can Contact Us on the specific facts of your case to obtain relevant advice via a Free Initial Consultation.