Value Added Tax
Value Added Tax (VAT) is one of the most complex and onerous tax regimes imposed on business.
So complex that many businesses inadvertently overpay or underpay VAT.
We have staff who can advise you how to make sure your records support these changes correctly.
As a leading firm of Chartered Accountants in
- Assistance with VAT registration
- Advice on VAT planning and with
- Use of the most appropriate scheme
- VAT control and reconciliation
- Help with completing VAT returns
- Planning to minimise future problems with Customs and Excise
- Negotiating with Customs and Excise in disputes and representing you at VAT tribunals
The Capital Goods Scheme for VAT
The VAT capital goods scheme affects input VAT recovery relating to high-value capital assets. Input VAT is a tax incurred on most purchases made by VAT-registered firms, and they can usually reclaim it from HMRC in full.
The scheme usually applies to partially-exempt businesses and firms with assets that were used for both non-business and business purposes at the time the asset was purchased.
However, the scheme applies to all businesses that acquire such assets where, at some point during the ‘adjustment period’, the business diversifies into an exempt activity.
Meet The Experts
Making Tax Digital (MTD) is set to expand to all VAT-registered businesses from April 2022, the Treasury has announced.
The Construction Industry Domestic Reverse Charge (DRC) was brought in on 1 March 2021 and changes the treatment of VAT in the construction industry. It was brought in as HMRC felt there was a risk in the construction industry of sub-contractors charging VAT on their...
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