Companies must complete Tax invoices and make settlements on schedule or risk fines. The VAT revenue is generally due one month and a week after the financial period. This encompasses the period it takes for the compensation to be delivered to authorities. So, to be safe, submit the return week before the deadline. The deadline will be distinctive if you use the Yearly Accounting Scheme.

Investigate the time limit

Every country provides the facility of making an online tax return account. If you are uncertain of your Tax returns time limit, sign into your virtual profile and select the option to obtain VAT closing date alerts. It will also notify you once the tax department receives the reimbursement. Every VAT-registered firm is required to make a VAT profile, which will aid in the finalization of your VAT repayment.

Yearly returns 

The VAT Yearly Financial System is used by some businesses. In this case, the final date will be pushed back. The Yearly Accounting Scheme is not ideal for firms that recover VAT on a routine basis because you only obtain one compensation per year after submitting your yearly basic returns. 

To use the Annual monetary system, you must do the following:

  • Make advance VAT deposits on your invoice predicated on your most recent return.
  • Submit only one VAT return per year. 
  • Conduct a concluding deposit to resolve any outstanding VAT.
  • Request a rebate if you overspent on your VAT invoice.

Monthly and quarterly returns 

If you settle your VAT on a quarterly or monthly basis, you have one month and one week after the end of the VAT duration to provide your refund and reimburse VAT. For the qtr finale 31 March, for instance, your refund must be finalized and compensation received in the tax department’s record by 7th May. Similarly, if you are filing an invoice for the end of Dec, your VAT refund should be uploaded digitally and the payout must be received by 7 February.

Additional details on VAT deadlines are listed in the table below:

Type of reportDeadlineDue date for representative 
VAT return Within 20 days of the conclusion of the fiscal period.If employing EDS, within 20 days following the end of the calendar month.
Amount of input taxUsing digital assistance within 20 days of the completion of the fiscal duration.Those using EDS, within 20 days of the end of the given month.
Supply of productsEmploying electronic systems within 20 days of the tax period’s end.Using the EDS solutions, 20 days after the stated month.
Transaction by representativeIn 20 days after the end of the stated month. _

Procedures of payment for VAT 

It’s critical to comprehend the various methods for paying your VAT charges. The VAT billing timelines apply to financing that has reached the authority’s bank statement, and not all deposit forms take the same period to pass. As a result, you may have to pay an extra fee for a delayed VAT installment even if you believed you had paid on time. You must also account for Saturdays, Sundays, and other holidays when transactions will not be approved. The payments can be made through: 

  • Digital bank accounts;
  • Debit card;
  • Credit card; and 
  • Financial or cash apps. 

You can also utilize the VAT billing timeline calculator to determine when your VAT fees are due. These calculators are available online. 

Late payments 

If you request your VAT revert back late or make a delayed deposit, Regulator will note that you are in debt. You may be obligated to pay a surtax plus the Value-added tax due. The sum will be determined by the occasions you have missed a payment in a year. The first time you fail to pay, nevertheless, there will be no additional charge.