Tips for VAT Return Filing

Tips for VAT Return Filing

• Seek an expert advice

Seek expert advice, at least for the first 2 returns. Employ a tax accountant or outsource the VAT accounting function to a tax professional. If you want to file yourself or assign the job to the non-specialist, they should spend ample time reading all VAT legislation and guides, and continually keep updated for ongoing changes.

• Be aware of important dates
Tax period, Return filing deadlines, and Tax year.

• Adopt a VAT policy
A good VAT policy with detailed procedures will serve as a preventive tool for errors. Each individual in the company should be aware of their part.

• Be prepared to submit on time
Proper recordkeeping and daily posting of transactions will give you more time to review the return before submission. And you will avoid delays.