Tax reports and the VAT return
The tax reports prepare your VAT return: sales and purchases split into standard rated, zero rated and exempt, with the net tax payable or refundable, and every document behind the figures.
Open Reports›Tax.
The VAT return
The VAT Return report gives the figures for your return for a period: sales and purchases in each category, returns netted off, and the net tax payable or refundable. Fiscal puts each line in a category from its tax template:
| Category | Tax template |
|---|---|
| Standard rated | A rate above 0%, for example 15% or 5%. |
| Zero rated | A rate of 0% with the type Inclusive or Exclusive, for example exports. |
| Exempt / out of scope | The type NoTax, or no tax template on the line. |
So use a template of type NoTax for exempt and out-of-scope supplies, and a 0% Inclusive or Exclusive template for zero-rated supplies. Otherwise they end up in the wrong box of the return.
Other tax reports
| Report | What it shows |
|---|---|
| Monthly Tax Summary | Output tax, input tax and net tax due for each month. |
| Tax by Component | Output and input tax per tax, with tax groups split into their member taxes. |
| Output Tax Summary / Details | Taxable sales and output tax on invoices, by tax code, in total or invoice by invoice. |
| Sales Return Tax Summary / Details | Output tax reversed on credit notes. |
| Output Tax by Customer | Output tax and returns per customer, with their VAT number. |
| Input Tax Summary / Details | Taxable purchases and input tax on bills and expenses, by tax code. |
| Purchase Return Tax Summary / Details | Input tax reversed on vendor credits. |
| Input Tax by Vendor | Input tax and returns per vendor, with their VAT number. |
| Tax Account Summary, Tax Account Ledger | The tax accounts' balances and postings, to reconcile the reports with the general ledger. |
Before you file
- Run the VAT Return for the period.
- Check the Tax Account Summary: the tax accounts should match the return.
- Check the details reports for missing VAT numbers on business customers and vendors (the data check reports help).
- File the return, then close the books up to the end of the period.
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