Fillable Form Wct-2a - Virginia Watercraft Sales And Use Tax Work Sheet (Page 2 of 2) in pdf

Virginia Watercraft Sales And Use Tax Work Sheet instructions

General information

Filing Procedure

Mail Form WCT-2 with your payment to the Department of Taxation, P.o. Box 2185, Richmond, Virginia 23218-2185, or

deliver to your local commissioner of the revenue or treasurer, as soon as possible after the close of the reporting period but

not later than the 20th day of the following month. A return must be filed for each reporting period even if no tax is due.

Change of ownership

If there has been a change of ownership, do not use the return with the name and account number of the former owner.

Send the return with notice of change to the Virginia Department of Taxation, P.o. Box 1114, Richmond, Virginia 23218-

1114. You can register a new dealer and/or locations, by either completing a Form R-1, Business Registration Application,

or electronically using iReg on the Department’s web site, The Form R-1 can be obtained from the

Department’s web site or by calling the Department’s Forms Request Unit at (804) 440-2541.

Change of Address/out-of-Business

If you change your business mailing address or discontinue your business, either send a completed Form R-3, Registration

Change Request, or a letter to the Virginia Department of Taxation, P.o. Box 1114, Richmond, Virginia 23218-1114. The

Form R-3 can be obtained from the Department’s web site, , or by calling the Department’s Forms

Request Unit at (804) 440-2541.

Questions

If you have questions, please call (804) 367-8037 or write the Virginia Department of Taxation, P.o. Box 1115, Richmond,

Virginia 23218-1115. Most Virginia tax forms can be obtained from the Department’s web site, , or by

calling the Department’s Forms Request Unit at (804) 440-2541. Tenemos servicios disponible en Español.

Preparation of Work Sheet, Form WCT-2A

• You should use this work sheet to compute the watercraft sales and use tax liability of your place of business shown on

the Virginia Watercraft Sales and Use Tax Return, Form WCT-2. Form WCT-2 is used to report and pay the tax to the

Department of Taxation.

• Do not report any other sales on these forms. If you make separate sales of accessories or parts, they must be reported

on the Virginia’s Retail Sales and Use Tax Return, Form ST-9.

• Retain this work sheet as a part of your tax records; do not file it with Form WCT-2.

• Transfer the items indicated by the arrows on this work sheet to the corresponding Line numbers on Form WCT-2.

Line 1 Enter in Line 1, total gross receipts from lease, rental, or other use of all watercraft powered by machinery or any

sail-powered vessel in excess of eighteen feet in length measured along the centerline. Gross receipts shall include

hourly rental, maintenance and all other charges for use of such watercraft.

Line 2 Enter in Line 2, the total gross receipts from the sale of all watercraft (including those sold for more than $100,000)

that are powered by a motor or any sail-powered vessel in excess of eighteen feet in length measured along the

centerline. Enter “O” if you did not agree to collect the tax on the sale of watercraft.

Line 3 Enter if Line 3 the Total of Lines 1 and 2.

Line 4 Enter in Line 4, the following deductions:

(a) All charges for services of piloting, crew and other services that are separately stated on the client’s invoice.

(b) Any watercraft sold to or used by the United States or any of the governmental agencies thereof, the

Commonwealth of Virginia or any political subdivision.

A deduction may not be claimed for gross receipts from rentals, leases or charters to the United States or any

governmental agencies thereof, or to the Commonwealth of Virginia or any political subdivision thereof.

$100,000. For example, if you sold a watercraft for $125,000, you must include $125,000 in Line 2 and deduct

$25,000 ($125,000 minus $100,000 = $25,000) in Line 4(c).

(d) Enter in Line 4(d), any other deduction allowed by law (attach schedule).

(e) Enter in Line 4(e), the sum of Lines 4a, 4b, 4c and 4d.

Line 5 Enter in Line 5, the result of Line 3 minus Line 4(e). This is the amount on which the 2% sales and use tax must be

computed.

Line 6 Enter in Line 6, 2% of Line 5. This is the watercraft sales and use tax.

Line 7 Enter in Line 7, penalty if you file the return and/or pay the tax after the due date. The penalty is 6% of the tax due

in Line 6 for each month, or part of a month, that the tax is not paid, not to exceed 30%.

Line 8 Enter in Line 8, interest if you file the return and/or pay the tax after the due date. Interest is computed at the applicable

rate on the tax due in Line 5.

Line 9 Enter in Line 9, the sum of Lines 6, 7 and 8.

Form Wct-2a - Virginia Watercraft Sales And Use Tax Work Sheet Page 2

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