VAT return

A VAT Return is a form submitted by businesses to report the Value Added Tax (VAT) they've collected from customers and the VAT they've paid on their purchases over a set period, usually quarterly or annually. It helps tax authorities track how much tax is owed or refundable. If a business collects more VAT than it pays, it must remit the difference to the government. Conversely, if it pays more VAT than it collects, it can claim a refund. This process ensures that businesses comply with tax laws and contribute fairly to public finances.