Quarterly returns and VAT

The completion of the quarterly income and expenditure returns entails entering summaries of the items of income and of expenditure respectively.

Expenditure should include the date the cheque is written and not the date is cashed at the bank.

It is essential to send quarterly income and expenditure returns to the IBMS office so that (a) the balances can be included in the Institute’s quarterly VAT submissions, and (b) the IBMS can be satisfied that appropriate control is being exercised over local funds.

The quarterly return form must be returned to the IBMS with the relevant backup documents for each transaction.

The quarter ends are the end of March, June, September and December. The returns must be sent to the IBMS Finance Team at Coldbath Square within two weeks of the quarter end.

A nil return is required to confirm no cheques have been written but not presented during the quarter. 

To submit a nil return please email regionsbranches@ibms.org.