This increasingly complex area of tax can be costly if issues are not resolved promptly, or VAT saving opportunities are missed.
As a VAT Accountant we can advise on VAT registration and complete the process for you. Areas where you may need help include:
⚫ Selecting the right VAT scheme
⚫ Advice on how to deal with cross border transactions (more common than you might think as Google and PayPal for instance involve cross border transactions)
⚫ Dealing with partial exemption issues
⚫ Specialist schemes, for instance the Tour Operators Margin Scheme
⚫ Distance selling
⚫ Dealing with VAT mistakes
⚫ VAT reconciliations
⚫ Making Tax Digital
We can also carry out a free initial review of your VAT position to establish whether there have been any underpayments or over payments and we advise on matters specific to your businesses.
Many small businesses use the flat rate scheme. HMRC describe this scheme as being designed to simplify your records of sales and purchases yet their guidance on the scheme runs to over 13,500 words! The introduction of a 16.5% flat rate for “low cost traders” has added to the complexity. This has caused many businesses to abandon the scheme in favour of standard VAT accounting and some, who had registered voluntarily, have de-registered for VAT. The 16.5% rate has hit service businesses in particular as their main costs tend to be labour and they don’t buy “goods” (as defined by HMRC).