Here’s a list of the key points for your VAT return, so you that you know which cases may occur when completing a VAT statement. (The list is not company-specific and does not include all possible cases.)
Turnover reconciliation
Your turnover reconciliation must indicate how you have compared and reconciled the tax period with your financial statement for the year. It is important to reveal which billing method and tax rates were applied.
The following should be taken into account:
- Expense reductions
- Remuneration for staff use of vehicles
- Sale of resources (e.g. vehicles)
- Advance payments
- Revenue reductions
- Bad debt losses
- Accruals that are not relevant to turnover
- Provisions and deferrals that are not relevant to turnover
Input tax reconciliation
Your input tax reconciliation should demonstrate that you have compared the input tax in your financial accounts with the tax which you declared and made any corrections that might be necessary.
The following should be taken into account:
- Reverse charge tax
- Input tax corrections for private and mixed use
- Input tax reductions
Further information
In certain cases, you may still need to manually correct the VAT settlement with the trustee. Whether you are affected or how this goes in detail, you will find out here: Correct VAT
Master currency foreign currency
bexio cannot guarantee a correct display of the VAT form with a master currency that is not CHF (for example Euro or US Dollar). You must clarify with your trustee whether a foreign currency should be stored as the master currency for your company or whether the master currency CHF would be correct for you.