Value Added Tax is a tax charged on goods and services provided by UK registered businesses. The current standard rate is 20%. The VAT threshold as of 1 April 2013 is £85,000, but businesses with a lower turnover than this can voluntarily register for VAT should they wish to.
Unfortunately, VAT is one of the more complex and time-consuming areas of UK tax legislation, not least because the regulations and rates are subject to change. It is all too easy unintentionally to over or underpay VAT.
The last thing you need is to fall foul of HM Revenue & Customs and its harsh penalty regimes, so VAT is one area of business finance where employing the services of professionals will really pay dividends.
Our comprehensive and cost-effective VAT services range from the high-level strategic issues right down to the basic paperwork:
- Advice on the most suitable VAT Scheme for your business
- Assistance with VAT registration
- VAT planning strategies and record-keeping
- Undertaking VAT health audits
- Advice on tax liability and maximising cash recovery
- Completion and submission of VAT returns
- Liaising with HMRC on any queries raised
- Representation at VAT inspections and tribunals
- Implementing processes to avoid any future issues with HMRC
- Supporting UK business with overseas interests
- Assisting overseas companies with business affairs in the UK
- Advice on specific VAT issues relating to property
Don’t be lost in the VAT maze: we can help you to steer a clear path.
For more information on VAT, see the Business Advisory Guide section in our Knowledge Bank.