Bank Statements for VAT Return: The Challenge
Quarterly VAT returns require matching bank transactions to sales and purchase invoices. Working from PDF statements adds unnecessary time to an already tight deadline.
How BankScan AI Helps with VAT Return
Convert bank statements to Excel to quickly identify VAT-bearing transactions, match against invoices, and prepare your VAT return accurately.
How It Works
Upload your bank statement PDF
Supports all major banks. 3 months per VAT quarter (standard scheme); 12 months for annual accounting scheme users of statements? No problem.
AI extracts every transaction
Our AI pulls out dates, descriptions, amounts, and balances — the VAT-inclusive sales and purchases, zero-rated transactions, you need.
Use for vat return
Download a clean Excel or CSV file formatted for vat return. Transactions split into VAT-bearing and non-VAT categories, with net and VAT amounts separated; must reconcile to Box 6 (total sales) and Box 7 (total purchases)
Supported Banks
BankScan AI works with all major UK and US banks, including:
Why BankScan AI for VAT Return
- Built for VAT Return — Convert bank statements to Excel to quickly identify VAT-bearing transactions, match against invoices, and prepare your VAT return accurately.
- Key data extracted — VAT-inclusive sales and purchases, zero-rated transactions, exempt supplies, input VAT on expenses, output VAT on sales, EC acquisitions, reverse charge transactions
- Deadline ready — VAT returns due 1 month and 7 days after the end of the VAT quarter; late submission triggers a surcharge of up to 15% of VAT owed under the default surcharge regime
Legal & Regulatory Context
Bank statements for vat return are typically required under: Value Added Tax Act 1994; VAT Regulations 1995; Making Tax Digital for VAT regulations (The Value Added Tax (Amendment) Regulations 2018)
- Typical timeframe: 3 months per VAT quarter (standard scheme); 12 months for annual accounting scheme users
- Required by: HMRC, via Making Tax Digital (MTD) compatible software submission; also reviewed by the business's accountant or bookkeeper
What Data You Need for VAT Return
When preparing bank statements for vat return, these are the key data points HMRC, via Making Tax Digital (MTD) compatible software submission; also reviewed by the business's accountant or bookkeeper look for:
- VAT-inclusive — VAT-inclusive sales and purchases
- zero-rated — zero-rated transactions
- exempt — exempt supplies
- input — input VAT on expenses
- output — output VAT on sales
Formatting Your Statements for VAT Return
Getting bank statements right for vat return requires attention to specific formatting requirements:
- Transactions split into VAT-bearing and non-VAT categories, with net and VAT amounts separated; must reconcile to Box 6 (total sales) and Box 7 (total purchases)
- Deadline pressure: VAT returns due 1 month and 7 days after the end of the VAT quarter; late submission triggers a surcharge of up to 15% of VAT owed under the default surcharge regime
Prepare Statements for VAT Return — Fast
VAT returns due 1 month and 7 days after the end of the VAT quarter; late submission triggers a surcharge of up to 15% of VAT owed under the default surcharge regime
Convert for VAT Return — Free