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Submission of VAT returns

Meaning of 'prescribed accounting period'

A prescribed accounting period is the period for which a VAT-registered person submits a VAT return. The phrase is used in SI 1995/2518, reg 41 but the main provisions relating to the submission of VAT returns for prescribed accounting periods are in SI 1995/2518, reg 25.

Most prescribed accounting periods end on the final day of a calendar month (standard VAT return periods). If a VAT-registered person has an accounting system that is not based on calendar months, an application can be submitted to HMRC to submit VAT returns for prescribed accounting periods that do not end on the final day of a calendar month (non-standard VAT return periods). If HMRC agrees that VAT returns can be submitted for prescribed accounting periods that do not end on the final day of a calendar month, it will confirm whether the VAT returns must be submitted on a monthly or quarterly basis. See Notice 700, section 20.

If HMRC agrees that VAT returns can be submitted