EU VAT RETURNS
Similar to invoices, all EU member states have different formats for VAT returns. The VAT return records following information for a given accounting period:
- Total sales and purchases
- VAT owed
- Amount of VAT to be reclaimed
- VAT refund due
Businesses must submit a VAT return even if there’s no VAT to pay or reclaim.
Frequency of making VAT returns varies between EU member states and typically follows a Monthly, Quarterly or Annual reporting schedule.
In rare cases, returns are also made on an activity basis for companies that are involved in irregular trading.