VAT Return
Overview
The submission of VAT returns is a fundamental obligation for businesses operating in Malta. This process ensures that the correct amount of tax is reported and paid in a timely manner, in line with statutory requirements. Our VAT return service is designed to simplify this essential task, offering clients peace of mind that their obligations are being handled with precision and care.
Every business that is registered for VAT must periodically report its taxable transactions. These reports must reflect the total output tax collected on sales and the input tax paid on eligible purchases. The preparation and submission of these returns require careful attention to detail, as any inaccuracies can lead to penalties, interest charges, or audits. Our team ensures that every VAT return is accurate, complete, and submitted within the prescribed deadlines.
We understand that for many self-employed individuals, companies, and partnerships, managing VAT obligations can become a time-consuming and often complex process. Our approach allows clients to focus on running their businesses, while we handle the intricacies of the reporting and submission process. With extensive knowledge of Maltese and European Union VAT legislation, we ensure full compliance and efficient management of all filing obligations.
The service we offer goes beyond simply filing forms. It involves a thorough review of the prepared data, ensuring that all figures align with supporting documentation, that liabilities are accurately calculated, and that payments are settled promptly. This comprehensive approach helps to mitigate risks and maintain a clean compliance record.
Scope
Our VAT return service covers the entire cycle of filing obligations, from the moment financial data is prepared to the final submission and settlement of dues. As part of our service, we:
- review the financial information prepared for the relevant period,
- verify that the VAT amounts reported align with the underlying transactions,
- calculate any VAT payable or refundable for the period in question,
- prepare and generate the VAT return in accordance with the tax authorities’ requirements,
- submit the VAT return electronically within the statutory deadline, and
- manage the settlement of any VAT liability through the appropriate channels.
In addition to submission and payment, our service also includes essential administrative and monitoring tasks. To provide a fully managed service, we:
- maintain a schedule of VAT return due dates to ensure timely compliance,
- monitor acknowledgements and confirmations issued by the tax authorities,
- communicate with clients regarding any issues or discrepancies identified during the submission process,
- assist in the resolution of filing issues or technical queries raised by the authorities,
- retain submitted returns and supporting evidence for audit readiness, and
- provide periodic updates on compliance status to our clients.
This thorough approach ensures that businesses remain fully compliant, while alleviating the administrative burden associated with VAT reporting.
Benefit
Accurate and timely submission of VAT returns delivers numerous advantages that contribute to a business’s financial stability and compliance reputation. Through our VAT return service, you:
- ensure full compliance with statutory VAT filing obligations,
- avoid costly penalties and interest charges resulting from late or inaccurate filings,
- benefit from professional oversight that minimises the risk of errors,
- save valuable time and administrative resources,
- maintain accurate and up-to-date compliance records,
- enhance preparedness for any VAT audits or inspections,
- gain peace of mind knowing that filings are submitted correctly and on time, and
- receive ongoing support for any VAT-related queries or issues.
By handling the VAT submission process on behalf of our clients, we enable them to focus on their core business operations, knowing that their compliance needs are expertly managed.
Regulatory Compliance
Businesses registered for VAT in Malta are subject to strict regulatory requirements governing the timely and accurate submission of returns. Our VAT return service ensures full adherence to all applicable regulations. To achieve full compliance, we:
- follow the guidelines and submission rules established under Maltese and European Union VAT regulations,
- ensure that returns are submitted by their prescribed deadlines,
- verify that all transactions are correctly categorised in accordance with applicable VAT rates and exemptions,
- maintain comprehensive records that support the figures reported in each VAT return,
- remain vigilant to any updates or changes in VAT legislation that may affect our clients’ obligations,
- monitor client compliance status and communicate proactively to address any outstanding matters, and
- ensure that all records are securely maintained for the legally required retention period.
By ensuring strict regulatory compliance, we help our clients maintain their good standing with the authorities and minimise any risk of enforcement actions.
Related Services
In addition to our VAT return service, we offer a range of related services that support your ongoing financial and compliance needs. These include:
- Accounting — meticulous recording, classification, and reconciliation of financial transactions to maintain accurate financial records, and
- VAT Recapitulative Statement — preparation and submission of intra-community supplies reports required for European Union trade compliance.
By offering these related services, we provide our clients with a comprehensive suite of solutions that meet their ongoing financial and regulatory needs.
More Information
If you would like to receive more information or get in touch with us, kindly contact us now.