File a VAT Return

A VAT return sets the VAT you charged on sales against the VAT you can reclaim on purchases for a period. Plenix works the figures out from your ledger.

Preparing a return

1. Go to Accounting → VAT Returns and click New VAT Return.
2. Enter the Period Start and Period End dates.
3. The From your ledger panel shows the figures for that period: sales and purchases (net), VAT due on sales, VAT reclaimed on purchases, and the net VAT to pay or reclaim.
4. Click Create draft.

The figures cover every sent invoice, issued credit note and approved bill dated in the period. Draft invoices and unapproved bills are not included.

While it is a draft

• Recalculate re-reads the ledger. Use it if you sent, credited or approved anything in the period after creating the return.
• Delete removes a draft you no longer need.

Submitting

Click Mark as submitted when the figures are final. The return is locked and can no longer be recalculated or deleted.

Marking a return as submitted records it in Plenix. It does not file it with HMRC. Use the figures to file through your own HMRC account or software.

Entering figures by hand

If a period was kept outside Plenix, for example before you moved your books here, tick Enter the VAT figures by hand and type in VAT Due and VAT Reclaimed. Leave it off for any period kept in Plenix.

Where to go next

• Understand the whole module → How Accounting Works
• Next in this module → Create Journal Entries
• Tax Rates
• Close Accounting Periods
• See where this fits in the bigger picture → How a Lead Becomes Cash