VAT Returns
If you charge VAT, you need to pay it over to HMRC, minus the VAT you can claim back. You do this through your VAT Return, which, since April 2022, must be submitted online. Currently, you must register for VAT if your Turnover is more than £85,000 and can de-register if you're Turnover goes below £83,000
Your VAT Return is calculated based upon:
Total sales and purchases across your VAT period, usually 3 months.
The amount of VAT you owe, based on your sales.
The amount of VAT your business can reclaim for purchases.
And we can help.
Straightforward, Jargon-Free Bookkeeping and Accountancy
If you're looking for assistance with VAT, North Staffs are here to help you.
Get in contact now by calling 07754 758 740 or email us at queries@northstaffsaccounting.co.uk today, to learn more about this service.