Value Added Tax Act 1994 section 12

OSS scheme returns: further requirements

Section 12 sets out the currency, exchange rate, deadline and submission requirements for One Stop Shop scheme VAT returns.

• OSS scheme returns must be prepared in sterling, with any currency conversions using European Central Bank exchange rates for the last day of the relevant reporting period
• If the European Central Bank does not publish an exchange rate on the last day of the reporting period, the rate published on the next available day must be used instead
• Each return must be submitted to HMRC by the end of the month following the month in which the reporting period ends
• Returns must be submitted electronically, in whatever form and manner HMRC directs through published notices or regulations