Value added tax is a mandatory payment to the budget for all enterprises under the general tax regime. At the same time, the accountant must be able to correctly calculate VAT on goods and services sold, reflect the VAT amounts claimed and fill out a tax return. Making a mistake can lead to penalties or even criminal liability.
Instructions
Step 1
Issue an invoice to the counterparty indicating the VAT amount presented. In this case, it is first necessary to determine the tax rate, which is regulated by Art. 164 of the Tax Code of the Russian Federation for this operation. Then multiply the rate by the tax base to get the value added tax. Remember that the invoice must be transferred to the counterparty within 5 days after the delivery of goods, services or works. Otherwise, it may be difficult to calculate tax deductions. Record the invoice in the sales ledger of the company with VAT.
Step 2
Reflect the invoice received from the counterparty in the purchase book of the enterprise. Note the amount of the VAT claimed, which is further used to calculate tax deductions.
Step 3
Determine if the company has tax overpayments for the past reporting periods. Check this amount with the tax office.
Step 4
Fill out the VAT return, which is submitted to the tax authority no later than the 20th day of the month following the reporting period. The reporting indicates the tax that must be paid to the budget with a breakdown by type of transactions and tax rates in accordance with the company's sales book.
Step 5
Calculate the amount of tax deductions that the company is entitled to apply in the past reporting period according to the purchase book. Determine the VAT payable to the budget by subtracting the second from the first indicator. After that, note the amount of the overpayment and reduce the tax by this amount.
Step 6
Transfer VAT to the budget by the 20th day of the next month after the last reporting period. If you used an overpayment of past periods, then write a statement in which you indicate that you want to offset. Attach the document to your VAT return.
Step 7
Reflect the payment of VAT to the budget by opening a loan on account 68 "Calculations for taxes" and a debit on account 19 "Value added tax on acquired values."
