Form ST-7: Virginia Business Consumer's Use Tax Return
Form ST-7 is used by businesses in Virginia to report use tax for periods beginning on and after July 1, 2013. It provides instructions for calculating state, regional, and local use taxes. Businesses can file electronically starting from the July 2017 form.
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How do I fill this out?
To fill out Form ST-7, first gather your purchase records. Enter the cost price of qualifying purchases subject to different tax rates. Calculate the total tax due, then complete and sign the form.
How to fill out the Form ST-7: Virginia Business Consumer's Use Tax Return?
1
Gather your records on taxable purchases.
2
Enter the cost prices of purchases in the appropriate columns.
3
Calculate the tax amounts by multiplying by the specified rates.
4
Add the calculated state, regional, and local taxes.
5
Complete and sign the form, then submit with payment.
Who needs the Form ST-7: Virginia Business Consumer's Use Tax Return?
1
Businesses in Virginia that have made taxable purchases without paying sales tax.
2
Partnerships and sole proprietorships that need to report use tax.
3
Businesses with operations in Northern Virginia or Hampton Roads regions.
4
Businesses that need to report both state and local use taxes.
5
Businesses seeking to file use tax returns electronically after July 2017.
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What are the instructions for submitting this form?
Submit Form ST-7 electronically through the Virginia Department of Taxation's website, www.tax.virginia.gov. If you have been granted a hardship waiver, mail the completed form and payment to the Virginia Department of Taxation, P.O. Box 26627, Richmond, VA 23261-6627. For further assistance, contact customer support at (804) 367-8037. Ensure the form is completed accurately and submitted by the due date to avoid penalties.
What are the important dates for this form in 2024 and 2025?
For the year 2024, Form ST-7 for the reporting period ending June 30 is due by July 20, 2024. Form ST-7 for the reporting period ending December 31 is due by January 20, 2025. Ensure timely submission to avoid penalties.
What is the purpose of this form?
Form ST-7 is designed for businesses in Virginia to report and pay use tax on purchases where sales tax was not collected. This form ensures that businesses comply with state and local use tax regulations. The form provides specific instructions for calculating state, regional, and local use taxes based on the cost price of purchases.
Tell me about this form and its components and fields line-by-line.
- 1. Name and Address: Enter business name and address.
- 2. Account Number: Provide the business account number.
- 3. City or County of Use or Consumption: Enter the relevant city or county code.
- 4. Purchases for State Food Use Tax Rate: Enter the cost price and calculate tax.
- 5. Purchases for General Use Tax Rate: Enter the cost price and calculate tax.
- 6. Additional State Use Tax - Regional Transportation: Enter relevant amounts for Northern Virginia or Hampton Roads.
- 7. Local Use Tax: Enter the cost of purchases subject to local use tax.
- 8. Total Tax and Penalties: Calculate and enter the total amount due.
- 9. Declaration and Signature: Sign and date the form.
What happens if I fail to submit this form?
Failure to submit Form ST-7 on time may result in penalties and interest charges. Ensuring timely submission is crucial to remain in compliance.
- Penalties: A percentage of the tax due as specified in the form's instructions.
- Interest Charges: Accrued interest on the unpaid tax amount from the due date to the date of payment.
How do I know when to use this form?
- 1. Business Purchases: When purchasing tangible personal property for business use without sales tax.
- 2. Out-of-State Purchases: When buying items from out-of-state suppliers who did not collect Virginia sales tax.
- 3. Inventory Withdrawals: When withdrawing items from inventory for business use.
- 4. Northern Virginia or Hampton Roads: When reporting regional transportation taxes for these specific areas.
- 5. Partnerships and Sole Proprietorships: For businesses in these categories needing to report use tax.
Frequently Asked Questions
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Yes, you can use our PDF editor to enter information directly into the form fields of the uploaded PDF.
How do I calculate the use tax on this form?
Refer to the instructions on the form to calculate the use tax by multiplying the cost price of purchases by the specified tax rates.
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Yes, you can use our PDF editor to add your digital signature to the designated signature field on the form.
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Why do I need to file Form ST-7 electronically?
Starting July 2017, all Form ST-7 filers are required to file and make payments electronically for efficiency and timely processing.
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PrintFriendly provides an easy-to-use PDF editor, digital signature capabilities, and sharing options to streamline the form filling process.
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