Open the VAT return
Go to Reports -> VAT Returns.
When you open the VAT Returns for the first, we're asking you to choose when you've submitted your last return to the TFA portal. This is needed, so we know from which period we need to create your VAT returns.
VAT Return Periods
Below is a summary of the VAT Return periods with it's Due Dates.
Period | Due Date |
|
Dec - February | 10 May |
|
Mar - May | 10 Jul |
|
Jun - August | 10 Oct |
|
Sep - November | 10 Jan | 15 Jan is basically the next year. So if Sep - November is 2024, the due date of 15 Jan is the 15 Jan 2025 |
File a Return
We're automatically generating the VAT Reports for each period for you. Each VAT Report is calculated based on your transactions that you've posted within Cybooks.
There are three different status:
Status | Description |
Next Due | This is the next VAT Return for the upcoming period |
Overdue | Your VAT Return is over the due date and has not been finalized within Cybooks. |
Complete | You've finalized the VAT return in Cybooks. |
Draft
As soon as you click Start Return, we're creating a Draft for the VAT Return. You always have the option to "delete" a Draft.
Simple Example with a 1000 EUR + 19% VAT Invoice
We've created an Invoice with 1000 EUR NET + 19% VAT. So the total amount of the invoice is 1.190 EUR where 190 EUR are VAT you would have to pay to the tax authorities.
Now the following Boxes are calculated for the VAT return:
VAT Calculations
Box 1 | VAT due in the period on sales and other outputs | 190.00 |
Box 2 | VAT on acquisitions from other Member States | 0.00 |
Box 3 | Total VAT due (sum of boxes 1 and 2) | 190.00 |
Box 4 | VAT reclaimed in the period on purchases and other inputs (incl. acquisitions from other Member States) | 0.00 |
Box 5 | VAT to pay to Tax Department | 190.00 |
Sales and Purchases Excluding VAT
Box 6 | Total value of sales and all other outputs (excluding VAT) | 1.000 |
Submit VAT Return within the TFA
To submit the VAT Return we need to create the VAT return within the Tax for all portal ( TFA ) which is the official tax portal from the Cypriot Government.
Select your VAT return
Go to Returns -> File a return
File a return
Now for the Tax Type select Value Added Tax
Next select your year, for example 2024.
Now you should see a list of open VAT returns that you have to submit, or drafts that you still have to submit.
In our example case, we have two VAT returns that are overdue.
Next just select the VAT return you want to submit.
Enter return details
Within your VAT return you have to enter all the amounts in step 3 ( Enter return details ). Just enter here for each box the amounts that Cybooks calculated for you.
The boxes in Cybooks represent exactly the same boxes as within the official VAT return. You basically just have to copy & paste the amounts.
Note that box 3 and box 5 is automatically calculated based on the amounts you enter in Box 1, 2 and 4.
That's it!
