VAT Returns

A dedicated VAT returns service, to improve your tax efficiency

VAT returns are required at the end of every quarter. Breaking down income and expenses can be time-consuming and drain your time and resources.

There are several considerations to keep front of mind regarding government legislation and tax liabilities, which is why North East business owners should entrust the help of a local accountancy partner to ease the administrative burden.

One Two One Accounts are experienced in navigating the successful completion of VAT returns, ensuring you don’t pay any more tax than you need, whilst staying within government guidelines.

Offering regular, systematic advice to clients like yourself ensures you keep what is rightfully yours, whilst our processes and guidance mean you maintain tax compliance and remove the confusion that can occur with making tax digital.

Maintaining detailed records of sales, purchases, and VAT is essential for accurate VAT returns. This can be challenging for small businesses with limited administrative capacity. It can be particularly complex for those operating across different sectors, and as case law continues to evolve and regulations change, seeking professional guidance is more important than ever. We are committed to demystifying tax and offering tailored, jargon-free advice.

Facts about VAT returns

• If your annual taxable turnover exceeds the VAT threshold (currently £90,000), you must register for VAT
• You must calculate the VAT collected on sales and the VAT paid on purchases
• The frequency of tax returns depends on your business’s turnover, generally, small businesses submit them quarterly or monthly
• You can often claim VAT back on eligible business expenses, such as purchases of goods and services

For reduced risk of errors, accurate calculations, and enhanced tax efficiency, contact our accountancy team.

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