Title:

Vat Registered Businesses Overview

Products: Paramo Pro, WRC
Last Updated: 10 April 2015

For VAT Registered Businesses:

For businesses preparing a VAT (Value Added Tax) return for a tax authority like UK Customs and Excise, which may be payable quarterly, the amount payable is:

Use the Tax Locations report for input and output tax charged to complete the VAT return.  VAT is payable if the VAT-able output tax for the period is greater then the VAT-able input tax.  To pay the difference:

if the VAT-able Input tax is greater than the output then a refund can be claimed. The refund entry in the general journal should be made when the refund payment has been made by Customs and Excise.