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Accounting & Tax vocabulary · VAT & Indirect Tax

VAT return

Meaning in accounting & tax, with examples

nounCommon term

In accounting & tax, VAT return means: A periodic form a business submits to the tax authority showing output VAT on sales, input VAT on purchases and the net amount to pay or reclaim.

In Turkish: KDV beyannamesi

How it is used

Businesses prepare and file VAT returns monthly or quarterly, depending on the country. Mistakes may require an amended or corrected return.

Example sentences

  1. Our VAT return shows a refund this month because of large export sales.

  2. Can you check the VAT return before I submit it?

Common collocations

  • file a VAT return
  • monthly VAT return
  • amended VAT return
  • VAT payable
  • VATValue added tax: a tax on the sale of most goods and services, collected at each stage of the supply chain and finally paid by the end consumer.
  • input VATThe VAT a business pays on its purchases of goods and services, which it can usually deduct from the VAT it charges on its own sales.
  • output VATThe VAT a business charges its customers on sales and must pay over to the tax authority after deducting the input VAT it has paid.
  • tax returnAn official form a taxpayer submits to the tax authority, reporting income, expenses or sales for a period and calculating the tax due.
  • due dateThe date by which a payment, such as an invoice, loan instalment or tax, must be made, or by which a return or report must be submitted.

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This page explains English vocabulary for learners. It is not financial advice.