You probably know the feeling: late summer creeps in, the calendar says August, and suddenly the VAT return is knocking at the door. It may not be what you would most like to spend your time on – but you know it has to be done. Fortunately, it can be done fairly painlessly.
Here are a few simple tips on what to do to tick off the VAT return – without stress.
Why right now?
Because the deadline for the VAT return is 1 September. And it waits for no one. If your company is VAT-registered and reports either quarterly or half-yearly, now is the time to get started.
- If you report VAT quarterly, you must report for the second quarter.
- If you report VAT half-yearly, you must report for the whole first half of the year.
Why plenty of time is not just a cliché
Let's be honest: when the calendar says mid-August, it is no longer early in the process. But there is still enough time to get the VAT return done properly. Because it takes more than just a click on Submit. You need to have your receipts in order, go through the figures and make sure everything adds up. Our best advice? Make VAT preparation a fixed part of your routine. Check in regularly, and find out whether your accounting system can do some of the preparatory work automatically. The more that runs by itself, the less time you have to spend on checking.
Checklist: what to have in order before the VAT return
You don't have to be an accounting expert to stay ahead. You just need to have the following in order:
- Go through the period – how much output VAT and input VAT do you have?
- Check that the VAT amounts have landed correctly in boxes A, B and C – for example if you have bought or sold outside Denmark
- Report to Skattestyrelsen – preferably in good time
- And most importantly: ask your accountant or bookkeeper if anything seems unclear
Zenegy – your digital helper in the VAT jungle
We have made it easier for you to see what you need to report, export it directly to Skattestyrelsen, and keep track of digital receipts for your transactions. With Zenegy Numbers you have an ongoing overview of your VAT while you do the bookkeeping – not afterwards.
A little advice to finish with…
VAT doesn't have to leave you breathless. Spend a quarter of an hour today – instead of two hours in a panic the day before. Use the checklist, use Zenegy – and use us if you need help.
