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Administration
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On a regular basis, you must settle VAT with SKAT.
VAT period
When you are a registered company SKAT will send you the required invoices for paying the VAT.
Newly started businesses must declare VAT quarterly.
SKAT have various thresholds for payment. Thus, companies with an annual turnover not exceeding 1 million Dkr. only have to declare VAT biannually, while all newly started businesses have to declare VAT quarterly, unless specific circumstances stipulate monthly declaration. Only upon SKAT´s verification of your annual turnover being under 1 million Dkr. (based on 1-2 years´ VAT returns) you will be shifted to biannual VAT return. SKAT does this unsolicited.
VAT must be declared and paid no later than 10 days following the end of a quarter.
The present VAT rate in Denmark is 25%
Principles of VAT return
Output tax (salgsmoms) and input tax (købsmoms)must be declared individually usually by accumulation in your accounts.
Output tax is the VAT you charge on your sales on behalf of the authorities and which you have to pay to SKAT,
Input tax is the VAT you have disbursed and will be reimbursed by the authorities.
The VAT payable is found by setting the two amounts off against each other - the difference is paid to SKAT. If your input tax exceeds your output tax you will get a VAT rebate.
Eksempel: - You sell goods for 80.000 kr + salgsmoms at 20.000 kr
- You purchase goods for 60.000 kr + købsmoms at 15.000.
- Your surplus are 20.000 kr (80.000 - 60.000) and you have to pay 5.000 in value addede tax to SKAT (20.000 - 15.000)
Green taxes
Besides input and output tax, the VAT accounts have space for entering a series of green taxes on such supplies as power, oil and water.
You may be paying such indirect taxes in connection with your business operations (e.g. the tax featured on your power bill). In some cases, you are entitled to a partly or a full refund of such taxes. It is all in the VAT accounts.
Green tax rebate rules are quite complex and you do not necessarily have to calculate green taxes in connection with each individual VAT settlement. You are allowed - and in some cases this is a convenient way of handling it - to set the green taxes aside on the current VAT returns, and wait until you, or your accountant, make(s) your annual accounts.
VAT return misentries
If you forget to enter some input tax amounts into a VAT return, thus settling too much with SKAT, all you have to do is to include it in the next VAT return. However, if it is a considerable amount you can contact SKAT and ask them to correct the mistake.
Short-payment
If you find out that you have forgotten some output tax amounts, short-payment, you must immediately contact SKAT and have the mistake corrected. If it is an insignificant mistake you can notify SKAT, stating that, unless you hear from them, you will include the amount in the next VAT return. You have thus offered SKAT an option to demand an immediate settlement of the discrepancy - furthermore, you are in good faith.
Rose
- Link til SKAT
- Anette Sands gode blog om moms, regnskab mv.
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