If my company's tax period changes, how do I calculate the information for VAT relief?
The company's accounting period in accordance with the Accounting Act is 1 February 2023–31 January 2024. The company's VAT period was previously a calendar year, but starting 1 October 2023, it is a month.
Because the VAT period determines which period’s VAT return the information must be reported in, file a VAT return for 1 January–30 September 2023 and report the VAT relief information for this period. Enter the length of the accounting period in months (9 months) and information regarding the company’s net sales and VAT for 1 January–30 September in the VAT relief calculator. The calculator adjusts the net sales of the accounting period to correspond to the net sales of a 12-month accounting period.
Starting October, the company will file its VAT returns on a monthly basis. Report the information for VAT relief for 1 October 2023–31 January 2024 on the VAT return for the last month of the accounting period, i.e. January 2024. Enter the length of the accounting period in months (4 months) and information regarding the company’s net sales and VAT for 1 October 2023–31 January 2024 in the VAT relief calculator. The calculator adjusts the net sales of the accounting period to correspond to the net sales of a 12-month accounting period.