Every entrepreneur has a responsibility to declare the tax value of the service or product that they sell. UKKO Private Trader will make the VAT return for taxation, you will only need to worry that all the vouchers have been added and all the invoices have been sent.
As a private trader you are VAT liable if the turnover of the business exceeds 15 000 euros. If the yearly turnover is 15 000 – 30 000 euros, the entrepreneurs is eligible for VAT relief. In this case, the entrepreneur will be able to keep some of the value added tax for themselves. UKKO Private Trader service also takes care of applying for VAT relief on your behalf. In UKKO Private Trader service, our system will automatically transfer the value added tax from your sales and purchase invoices to your VAT periods and to your income statement without VAT.
In UKKO Private Trader system uses a monthly receipt, which eases the entrepreneur's bookkeeping burden. Receipts and vouchers are added to the service monthly and the months are completed by the 21st of the following month. Completing is easy from the system's home page, or if you do not complete the month yourself, it will automatically close on the 21st of the following month.
We send the VAT reliefs to the tax administration when your VAT period has ended (the period is 12, 6, 3 or 1 month). Our system sends an automatic e-mail about the VAT to be paid or refunded, which you should account to the tax administration if necessary. The message includes instructions on how to pay the taxes.
This is how you ensure smooth sending of your VAT return:
- Make sure that all the previous month’s vouchers, sales, receipts etc. have been uploaded to the service by the 21st of the following month.
- On our behalf, we will check all the vouchers that you have added to the service and make the VAT return for you according to your VAT period.
- You will receive information about the VAT to be paid or received from us in your e-mail. If there is any tax to be paid, pay the tax according to the instructions you found in the e-mail message.
When must the VAT return be submitted and paid?
If your VAT period is a month, the VAT need to be declared and paid no later than the 12th day of the month following the second tax period. For example, the notification for January's VAT must be received by March 12.
If your VAT period is a quarter calendar year, the VAT must be declared and paid no later than the 12th day of the month following the second calendar quarter. For example, the information for the first calendar quarter must be declared, and the tax must be paid by May 12 at the latest.
The VAT tax period can also be a calendar year. In that case, the deadline is not exceptionally the 12th of the month, but the VAT must be declared and paid by the end of February of the following year.