VAT Returns
What are VAT Returns?
A VAT return is a form submitted to HM Revenue & Customs (HMRC), usually on a quarterly basis, to calculate whether a business owes Value Added Tax (VAT) to HMRC or whether a VAT refund is due. The VAT return includes the amount of VAT a business has charged on its sales (output VAT) and the amount it has paid on its purchases (input VAT) during the period.
VAT returns must be submitted using Making Tax Digital (MTD) compatible software, which ensures efficient and compliant reporting.
Why are VAT Returns Important?
Submitting accurate VAT returns is a legal obligation for VAT-registered businesses, and failing to do so on time can result in financial penalties.
VAT returns enable businesses to monitor the VAT collected on sales and the amount reclaimable on eligible expenses, supporting effective cash flow management. Accurate VAT recovery helps minimise costs and enhance overall profitability.
How Can Tunstall Accounting Help?
We offer flexible VAT support tailored to your needs. Our services include preparing VAT returns using your core accounting records or reviewing self-prepared returns before submission to ensure accuracy and compliance.
Additionally, we can assist with VAT registration or deregistration and liaise with HMRC on your behalf.
Why Choose Tunstall Accounting?
At Tunstall Accounting, we take the stress out of VAT compliance by handling all of the complexities for you. Our expert team stays up to date with the latest VAT rules and regulations, ensuring that you claim all eligible input VAT whilst avoiding costly mistakes that could lead to penalties.
From helpful reminders that your VAT quarter has ended right through to submission of the final VAT return, let us take care of your VAT obligations so that you can focus on running your business.