Annual Returns
Once datasets have been created for four quarterly or twelve monthly periods, you should set up the dataset for the annual return. The annual return should:
- Use the same entities as the quarterly or monthly (periodic) datasets.
- Use the (Annual) VAT Single and (Annual) VAT Group templates instead of the standard periodic ones. The illustration shows an example.
If there are any problems with synchronising between periodic and annual returns, an indicator appears in the upper right corner. The indicator shows the number of returns with synchronisation issues. You can hover over the number to show a tooltip with more information.
This indicator appears only if there are synchronisation issues. It disappears once the issues are resolved.
note
The indicator does not appear if there are data mismatches because of differences in the return status.
Data flow in annual returns
Data flow in annual returns is similar that of periodic returns. Data can be imported to the I, N, O sheets by tax code and you can make manual adjustments on these sheets. These transactions flow to boxes on the annual return sheets based on tax code mappings and also to the Management Information sheets in the same way as the periodic returns.
In the annual return dataset, the group consolidates the data of its child entities on the Group : Annual return analysis (RB) sheet.
Importing data to annual returns
Importing data to the annual returns works in the same way as for the quarterly or monthly (periodic) returns and any data imported to a periodic return is als imported to the annual return.
For example:
Data imported to Entity 1 for the period 1/1/2020-31/3/2020 goes into the calculation that uses Entity 1 for the following datasets:
- Quarterly dataset covering 1/1/2020-31/3/2020
- Annual dataset covering 1/1/2020-31/12/2020
The same logic applies for data imported to Entity 1 in Q2, Q3 and Q4.
Transfer of transactional manual adjustments from periodic calculations to annual calculations
There are two ways to make manual adjustments in periodic calculations:
- Inserted on Manual upload data (S) sheet: Once the I, N or O sheet for the relevant tax code is inserted, transactions are inserted onto the I, N or O sheet that relate to that tax code
- Inserted directly onto the I, N, O sheet: Once the Adjustments Summary sheet is inserted, transactions are inserted into this sheet.
All manual adjustments in the periodic calculation are contained on either the Manual Upload Data (S) sheet or the Adjustments Summary (S1) sheet.
These adjustments are transferred to the annual calculation that uses the same entity as follows:
- Manual Upload Data (S) sheet: Adjustments in the periodic return calculation are also inserted on the Manual Upload Data (S) sheet in the annual return calculation.
- Adjustments Summary (S1) sheet: Adjustments in the periodic return calculation are also inserted on the Manual Upload Data (S) sheet in the annual return calculation.
In the annual return calculation, transactions on the Manual upload data sheet are then inserted onto the I, N or O sheet that relate to that tax code once the I, N or O sheet for the relevant tax code is inserted.
Within the annual return calculation, the Manual upload data sheet resembles the illustration below, once populated with the transactions from the underlying quarterly or monthly periods.