How your VAT Return is Calculated

As soon as you choose the Calculate button, Sage Line 50 searches through the audit trail for VAT transactions. The boxes on the Value Added Return window are then automatically updated with the appropriate values. These values are calculated on the basis of the tax codes you assigned each transaction.

These tax codes are set up in the Sage Line 50 Settings menu.

Sage Line 50 includes in the VAT Return only those transactions that have not yet been reconciled and fall within the period you specify. However, if necessary, you can include reconciled transactions, and/or unreconciled transactions that are dated before the specified period.

Related Topics

How your Standard VAT Return is Calculated

How your Cash Accounting VAT Return is Calculated

Running the VAT Cash Accounting Scheme

To Change to VAT Cash Accounting

Producing your VAT Return

Analysing the VAT Totals

Printing the VAT Return Reports

Checking your VAT Return

Reconciling your VAT Transactions

Clearing your VAT Control Accounts

Submitting your VAT Return to the Tax Authorities

Your VAT Return Checklist

The Financials Window