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VERMONT Sales and Use Tax Return Booklet

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VERMONT Sales and Use Tax Return Booklet VERMONT Sales and Use Tax Return Booklet This booklet contains your Sales and Use Tax Return(s), Form SU-451. As you review your tax obligations for the upcoming year, here are some important reminders: 1. Returns must be filed by the filing due date, even if no tax is due. 2. If your filing frequency has recently changed, it is important to review the due dates printed on your returns. 3. Check your return(s) to verify that all of the preprinted More than 19,000 information (name, address and account numbers) is correct. businesses are filing Please take the time to visit our website at tax.vermont.gov where electronically! you will find detailed information about Vermont Business Taxes including: • GO green • Current information about Local Option Taxes • Legislative updates • GO paperless • Technical bulletins • Tax charts and important due dates • GO VTBizFile • Fact Sheets To use this free service, visit If you have additional questions or need further assistance, our Business Tax examiners are available to answer your questions about https://bit.ly/VTBizFile the Sales and Use Tax, or your specific tax account, during regular or look for the VTBizFile icon working hours. on our website home page. Mail to: Vermont Department of Taxes Taxpayer Services Division PO Box 547 Montpelier, VT 05601-0547 E-mail: [email protected] Telephone: (802) 828-2551, option #3 (7:45 a.m. - 4:30 p.m.) Fax: (802) 828-5787 Web Address: www.tax.vermont.gov Rev. 06/14 DEPARTMENT OF TAXES TO FILE YOUR PAPER RETURN • Place the return, check or money order payable to • These forms are provided for your convenience. VT Department of Taxes and explanation pages, You may use forms provided by a software vendor. if needed, in an envelope. However, the forms must be approved by the • Call the Taxpayer Services Division at Department of Taxes. The use of unapproved forms (802) 828-2551, option #3, if you need help may result in late filing penalties and/or additional completing the return. processing fees. • Select the tax return for the appropriate reporting TO CANCEL YOUR ACCOUNT period. Generally, it should be the return on top. • Complete Form B-2 located in the back of the • Read the Line-by-Line instructions on the page coupon booklet and mail it to the Taxpayer Services opposite your return. Division. • Enter the appropriate information on the return in • One form may be used for canceling all business blue or black ink only. Do not use pencil. Use of tax accounts (Withholding, Meals and Rooms, and anything other than blue or black ink may result in Sales and Use). a $25.00 fee for a return that cannot be processed. • Annual filers who cancel their account during the Do not make marks in lines that should be blank. year must file their final return within sixty (60) • Make a copy of the return for your own records or days of the cancellation date. use the payment register below. • Fold the return along the fold-lines (on the back of TO REQUEST OTHER CHANGES the return) so our return address is showing. Our • Form B-2 can also be used to correct your name, address will appear in the window of a standard #10 address, or Federal Identification Number. Draw a window envelope. line through the incorrect information and write the correct information on the form. Click on VTBizFile and discover how easy it is to file your returns electronically. TAXPAYER RECORD OF PAYMENT SALES AND USE TAX - July 2014 - June 2015 Month Line 4c Line 1 Line 2 Line 3 Line 4a Line 4b Line 4d Amount & Due Nontaxable Taxable Sales Tax Use Tax Local Option Total Tax Check No. Date Paid Total Sales Sales Tax Paid Date Sales Sales Due Due Due Due JUL 08/25/2014 AUG 09/25/2014 SEP 10/27/2014 OCT 11/25/2014 NOV 12/26/2014 DEC 01/26/2015 JAN 02/23/2015 FEB 03/25/2015 MAR 04/27/2015 APR 05/26/2015 MAY 06/25/2015 JUN 07/27/2015 QUARTERLY FILERS USE SHADED LINES ONLY Rev. 06/14 Use BLUE or Sales and Use Tax Return BLACK ink only. Line-by-Line Instructions Please round amounts to the nearest whole dollar. Normal rounding rules apply: • 1 cent to 49 cents, enter the existing dollar amount ($97.49 - enter $97.00 or $97.) • 50 cents to 99 cents, enter the next higher dollar amount ($97.50 - enter $98.00 or $98.) PART I - SALES AND USE TAXES Line 1 Total Sales Enter the total of all sales (taxable and nontaxable) of tangible personal property for the reporting period. This includes rentals of tangible personal property, amusement charges, fabrication charges, printing charges, digital downloads and telecommunication charges. Line 2 Nontaxable Sales Enter the amount of sales included in Line 1 which were exempt from Sales and Use tax and for which no tax was collected. Line 3 Taxable Sales Subtract Line 2 from Line 1. Line 4a Total State Sales Tax Due Multiply the amount on Line 3 by the State Sales and Use Tax rate shown on this line. Line 4b Total State Use Tax Due Enter the amount of tax due on purchases subject to Use Tax, such as purchases made under a tax exemption but converted to a taxable use and purchases from vendors not collecting the Vermont Sales Tax including vendors from outside the State of Vermont. Line 4c Total Local Option Tax Due If applicable, enter the total amount from Part II, Lines 5-24. Businesses making sales where customers take possession in a Local Option municipality and businesses which deliver or ship into Local Option municipalities must complete Part II. Line 4d Total Tax Due Add Lines 4a, 4b, and 4c and enter the amount here. PART II – LOCAL OPTION TAXES NOTE: Your form is preprinted with the names of the twelve municipalities that have a Local Option Sales Tax as of July 1, 2014. If any additional municipalities enact Local Option Sales Tax effective before July 1, 2015, you will have to write in the name when reporting Local Option Tax for these municipalities. Lines 5-24 Municipality Column Enter the name of the Local Option municipality if it is not preprinted on the form. Lines 5-24 Tax Due Column Multiply the taxable sales made in each Local Option municipality by 1.0% and enter the resulting Local Option Tax due on the applicable line. Add Lines 5-24 and enter the total Local Option Tax due for all municipalities on Line 4c above. Check our website for updates on new Local Option municipalities at bit.ly/LocalOptionTownList Rev. 06/14 More Helpful Information DID YOU REMEMBER TO: • Use BLUE or BLACK ink? Use only blue or black ink to complete forms. Use of pencil, red ink, purple ink, etc. may result in a $25.00 “unprocessable return” fee. • Enter the total Vermont State Use Tax which you owe on Line 4b? What is Use Tax? A seller must collect Vermont Sales Tax on tangible personal property at the time and place of the sale. If the item purchased is subject to Sales Tax, but it is not charged, then Use Tax is imposed on the purchaser of the item. Here are some common reasons businesses will owe the 6.0% Use Tax: • You buy property out-of-state or have it delivered to you in Vermont and the vendor does not charge sales tax. • You bring into Vermont property you purchase from out-of-state. The tax is reduced by any tax paid to the other state. • You buy property in Vermont and the seller fails to collect the sales tax from you. • You take items out of your inventory which you purchased tax-exempt and use them in your business. • You use property which you normally produce for sale in your business. The tax is on the normal selling price for the property. • Enter your Local Option Sales Tax on line 4c and complete Part II? What is Local Option Sales Tax? The State of Vermont has authorized certain municipalities to assess a 1.0% Local Option Sales Tax, which is in addition to state Sales Tax. Local Option Sales Tax is based on the location where the item is delivered. Vendors located within a Local Option Sales Tax municipality must collect the tax on in-store sales and sales of items which are shipped to Local Option Sales Tax municipalities. Vendors located outside Local Option Sales Tax municipalities must collect the tax on items shipped into Local Option Sales Tax municipalities. Delivery charges are subject to any state Sales and Local Option taxes. Check our website for updates on new Local Option municipalities at bit.ly/LocalOptionTownList Visit the Vermont Department of Taxes at www.tax.vermont.gov Follow us on Twitter (@VTDeptTaxes) and “like” us on Facebook (facebook.com/VTDeptTaxes)! Rev. 06/14.
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