IOSS VAT Return Filling
First of all, you need to check if you have added your existing IOSS registration number Once the information has been added, you can go to the “Transactions” section and check if the transactions for the reporting period are already added or if they have to be uploaded first. The IOSS returns are filed on a monthly basis. So can select one month as a reporting period to upload your transactions. After the information about your IOSS number and transactions is uploaded you can file the return.
The system calculates the IOSS return divided by the countries automatically according to your transactions for all the European countries where you had sales during the needed-to-be-reported period.
If everything is correct from now you have two choices to proceed with the IOSS report which will contain information about your reporting period, the company name, and its IOSS number.
This is the same information that is contained in the last step of preparation of your IOSS return and contains information about your revenue and the VAT due divided by the countries and total.
You can save this report for your records or submit this IOSS return on your own if you have such a possibility. But if you have chosen to save the return, you still need to submit it directly through the platform. After this, the IOSS return will be submitted to the tax authorities.
To conclude, here is some useful information in regard to the IOSS VAT return.
The deadline is the last day of the month following the reporting period. So for the July IOSS VAT return – the deadline is the last day of August.
The VAT payment must be also done before the deadline, which matches the deadline for submission. After you submit the VAT return through the LOVAT platform the payment memo will be forwarded to your account and will contain bank details of a special bank account where you need to pay. The currency of such VAT payment is always EUR regardless of the country of submission.