VAT reclaim for purchases made over last 12 months

[wheeler]

Hi,

My sales VAT returns are in order but I forgot to reclaim my purchases VAT.

Do I need to file a supplementary return for these to the correct VAT return period or can I cumulate them and reclaim them against the latest month?

FYI: The reclaim amout is small, approx 500 euros. Not sure if this would influence the answers or not.

Or does anyone know of an easier way to do this?

 

[papervalue]

Hi,

My sales VAT returns are in order but I forgot to reclaim my purchases VAT.

Do I need to file a supplementary return for these to the correct VAT return period or can I cumulate them and reclaim them against the latest month?

FYI: The reclaim amout is small, approx 500 euros. Not sure if this would influence the answers or not.

Or does anyone know of an easier way to do this?

Ok to put against most recent month due to small amount

 

[Graham_07]

The correct thing to do would be to file supplementary returns for each period dividing up the VAT claims into the relevant periods. However, in practice I have encountered the following other scenarios :-

- File all on a supplementary return for the period which ends the accounting year. So if Year is Jan-Dec then file a supplemenary for whatever VAT period ends 31/12.

- Claim the credit on the next available VAT return being filed which might have the effect of reducing what otherwise would be a payment. In that case, as the period is possibly after the year end, it would need to be clear when doing up the accounts that this is a debtor at year end.

 

[wheeler]

The correct thing to do would be to file supplementary returns for each period dividing up the VAT claims into the relevant periods. However, in practice I have encountered the following other scenarios :-

- File all on a supplementary return for the period which ends the accounting year. So if Year is Jan-Dec then file a supplemenary for whatever VAT period ends 31/12.

- Claim the credit on the next available VAT return being filed which might have the effect of reducing what otherwise would be a payment. In that case, as the period is possibly after the year end, it would need to be clear when doing up the accounts that this is a debtor at year end.

Thanks.. will take your advice on the year end debtors. Will take that road.