Value Added Tax

Value Added Tax (VAT)

We are happy to assist you in preparing your VAT Returns, and provide you with any advice on VAT that you require. We are able to assist you if your business is newly registered for VAT and how this will affect your future trade, and also provide you with details of the different VAT schemes and those which may be most appropriate for your circumstances.

We are happy to assist you with the transition to Making Tax Digital (MTD) and share our knowledge on this new development with you.

VAT Control Review

In addition to compliance work – we could also undertake a review of how your business currently operates in respect of VAT.

VAT is a complex tax, which affects all aspects of your business both in your UK trade affairs and also overseas transactions. It is the responsibility of the individual taxpayer to ensure that VAT is accounted for correctly and that monies are paid over to HMRC immediately when due. HMRC carry out VAT Inspections at varying intervals and any errors identified can lead to penalties – and interest on the tax due, which can be up to four years.

Having a VAT Control Review will be an ideal opportunity to review your current procedures and practices in relation to VAT and will identify any areas of non-compliance giving you the opportunity to strengthen your practices and avoid any penalties.

Our VAT Control Review will be tailored to your needs depending on what you require.

We can assist you with the following matters:

  • Review existing procedures and practices with the view of suggesting improvements to the procedures;
  • Review the use and eligibility of any special schemes (flat rate, margin scheme, option to tax etc.);
  • Undertake a retrospective review of the previous twelve months and sample invoices (both sales and purchases) for this period;
  • Review each of your income streams and ensure that the VAT on each of these is calculated correctly and any reliefs available are applied;
  • Address any matters arising whilst conducting our review;
  • Identify and review any high risk areas such as entertainment expenses, benefits and gifts and vehicle expenditure.

Following our review we will be able to provide you with a bespoke report on our findings covering what we looked at, our findings and any recommendations we have following the review.

Please get in touch to find out more about our accountancy services and discuss your specific requirements with a member of our team

ICAEW Chartered Accountants
ICAEW Accredited Chartered Accountant
ICAEW Authorised Training Employer
Expert Witness Institute
The Academy of Experts
NEWA 2019