A VAT report, also known as a VAT return, is an important document for those of you who operate within a value-added tax (VAT) system. The main purpose of a VAT report is to calculate how much VAT the company must pay to the government, and how much VAT the company is entitled to recover from the government.

The VAT report in LAFT can be used as the basis for the tax settlement between the company and the tax authority to ensure that everything is reported correctly.

Below you will find a description of the factors that form the basis for the report, as well as where you can enter the data into LAFT.

• Start by making sure that the area of the building itself is correct. 
  This is registered on the building to which the rental property is attached.
  Procedure: Administration > Building > Overview > Menu bar -> Edit

Scroll down to then fill in the “Area (BTA)” field.

• The next step is to clarify whether the Tenant is liable for VAT or not.
  Organizations as tenants can be registered as VAT payers (not private individuals).
  Procedure: Rental module > Tenants > Arrow on the right side of the tenant

Scroll down and uncheck the box if the tenant is liable for VAT. Otherwise, leave it blank.

• You can then fill in the Gross Area of the Rental Property , as well as the area subject to VAT.
  These fields can be found under the "Extended information" column within the rental property.
  Procedure: Rental object overview > Select the correct object > Extended information > Edit

• Now that all the fields are filled in, the next step is to extract the VAT report. The report generator can be found in the menu bar on the left under “Finance”. Then select the period for which you want to extract the report.

The list below refers to the different fields presented in the guide and how they are visualized in the report itself.