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.
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Making Tax Digital (MTD) started becoming mandatory from 1 April 2019, meaning that the vast majority of VAT-registered businesses that are on a quarterly stagger should have submitted their first MTD VAT returns by now. I say 'should' since an HMRC announcement on 1...
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