Bookkeeping is the process of recording all financial transactions made by a business. This includes purchases, sales, receipts, and payments. Bookkeeping is essential for maintaining accurate financial records, which are crucial for preparing financial statements, filing tax returns, and making informed business decisions.

VAT returns refer to the official tax documents that businesses submit to report the amount of Value-Added Tax (VAT) they have charged on sales and the VAT they have paid on purchases. These returns are typically filed quarterly and include details of all taxable transactions, the total VAT due, and any VAT that can be reclaimed.