What is the difference between a Tax Return and a VAT Return

geek84

Hi Folks

Could someone be kind enough to tell me the difference between a Tax Return and a VAT Return.

Are these 2 separate things and different forms need to be filled in?

Thanks

paddyrg

You probably need an accountant TBH if you need to ask. VAT return is a (usually quarterly) settlement of your VAT account, tax return will refer most likely to your year-end account based on profit/loss.

geek84

Thanks for your reply.

System

Completely different things

VAT return - done quarterly, work out the difference between what you have claimed VAT on eg purchases, expenses compared to VAT due on your sales.


Tax return - done yearly, calculate your total profit for the year so the government can take their fair chunk in tax!

cavework

Are you registered for VAT?

InsideInsurance

geek84 wrote: »

Could someone be kind enough to tell me the difference between a Tax Return and a VAT Return.

Are these 2 separate things and different forms need to be filled in?

A VAT return is explicitly about the tax VAT.

"Tax Return" isnt a complete enough name and can refer to one of a number of things. Most commonly it'll be a Self Assessment Tax Return which deals with your personal income tax, capital gains and NI. It can however also be used to mean a Company Tax Return which deals with a company's corporation tax.

These all are different documents dealing with different taxes and so if you are potentially liable for the taxes you need to complete them (eg if you are VAT registered or have a Ltd company)

Aquamania

geek84 wrote: »

Hi Folks

Could someone be kind enough to tell me the difference between a Tax Return and a VAT Return.

Are these 2 separate things and different forms need to be filled in?

Thanks

About 20 pages :rotfl:

notanewuser

paddyrg wrote: »

You probably need an accountant TBH if you need to ask. VAT return is a (usually quarterly) settlement of your VAT account, tax return will refer most likely to your year-end account based on profit/loss.

He has accountancy qualifications. :eek:

Aquamania

notanewuser wrote: »

He has accountancy qualifications. :eek:

Are you sure?

I thought he was just a self employed, wannabe book-keeper
http://forums.moneysavingexpert.com/showpost.php?p=65004036&postcount=3

That's when he is not being a teaching assistant
http://forums.moneysavingexpert.com/showpost.php?p=64904325&postcount=5

Edit: seems like he's actually unemployed at present
http://forums.moneysavingexpert.com/showpost.php?p=64873321&postcount=1

Edit 2: OMG, you're right! AAT level 4 :eek:
but his only experience is in credit control
https://forums.moneysavingexpert.com/discussion/4345111

Suarez

How is that possible? In AAT theres separate units on VAT and personal tax (which includes filling part of a tax return).