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The quarterly return of VAT settlements and the December advance
The module’s worked examples, then cases to attempt before revealing their solution · 2 sections · 352 words · 3 min
Worked example
Three methods for an ordinary quarterly filer
A workshop filing quarterly had a debt of 5,000 € in last year's annual return, before the advance: under the historical method the advance is 88 % of 5,000 €, that is 4,400 €. This year it expects to owe 3,000 € in the return: under the forecast method it pays 2,640 €. The analytical settlement from 1 October to 20 December gives 2,100 €: under that method it pays 2,100 €. All three exceed 103.29 €; the analytical method is the cheapest.
Practical case
December for a monthly filer
A cleaning company settles VAT every month. Last December its settlement closed with a debt of 6,000 € before the advance was subtracted. For this December it estimates a debt of 4,500 €, but November leaves it a deductible surplus of 500 €. Between 1 and 20 December it recorded sales invoices carrying 3,900 € of VAT and purchases carrying 1,100 € of VAT; since 1 November it has performed services not yet invoiced carrying 300 € of VAT. Which method is cheapest, how much does it pay, with which tax code and by when?
Hint: Work out the three advances separately, remembering that the forecast is reduced by the surplus carried over and that the analytical method also counts transactions not yet invoiced.
Show the solution
Historical method: the base is last year's December debt before the advance, 6,000 €; 88 % gives 5,280 €. Forecast method: the estimate is taken net of November's surplus, 4,500 − 500 = 4,000 €; 88 % gives 3,520 €. Analytical method: VAT on sales invoices recorded from 1 to 20 December, 3,900 €, plus VAT on transactions carried out but not yet invoiced, 300 €, minus VAT on purchases recorded over the same period, 1,100 €: 3,100 €, of which 100 % is paid. All three exceed 103.29 €. The analytical figure is the lowest. As a monthly filer the company uses tax code 6013 in the online F24, by 27 December, and in January deducts the 3,100 € from the VAT for December.
Answer: Analytical method: 3,100 €, code 6013, by 27 December
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