Making Tax Digital for VAT
Governments across the world are embracing a shift from direct to indirect taxation with an increase in the number of countries operating VAT and a general rise in the standard rates of VAT. We are also seeing an increasing number of disputes having to be resolved via VAT litigation, so VAT remains a high profile area. Getting it right can save you money, getting it wrong can be very costly. With the ever widening scope of VAT, developing regulations and case law governing it and the onerous demands of HMRC, VAT is notoriously complicated.
Whether you are a multinational company, a non profit organisation or a sole-trader, our VAT specialists are able to provide comprehensive practical advice. We are proud that much of our new work comes from client referrals, and we know that we have succeeded when a client says to us 'that’s the first time we’ve understood VAT'.
Our group of specialists are equipped to help you resolve disputes with HMRC. If you have received a challenge from HMRC or been assessed for VAT underpaid or over claimed, we can help you with our practical and commercial approach to settling disputes.
Many of our team are ex-HMRC employees, or have a legal background and can support you through the various stages in responding to an HMRC dispute, up to and including the last resort of appealing to the tax tribunal. Many of our client’s cases are resolved well before this final stage though.
For organisations involved in UK trade there is likely to be an obligation to register for UK VAT. We can assist with registering for VAT and also with other VAT administration such as setting-up VAT groups, options to tax, applying to use the VAT Flat Rate scheme or deregistering from VAT.
Once VAT registered, companies are obliged to compile and submit periodic VAT returns and possibly additional compliance returns such as Intrastat and European Sales Lists. We have a significant number of clients who we assist in preparing and submitting their period VAT compliance submissions. Our involvement gives our clients reassurance that they are complying with their UK VAT obligations and reduces
their risk of receiving financial penalties for non-compliance.
As VAT is a transactional tax, any changes to your activities or organisactional structure is likely to lead to a change in how you account for VAT. For example, this could be an expansion into new markets that require overseas VAT registration or it could be a new product offering and you need to know what rate of VAT should be charged. We work with our clients to understand the changes and to advise on both how to comply with the VAT rules and to optimise their position.
In-depth knowledge of the application of VAT to your industry allows us to deal promptly with your enquiries and to ensure your VAT position is maximised. We are regularly asked to present for regulators such as the Charity Finance Group, ICAEW, Independent Schools’ Bursars Association, and Charity Tax Group.
We consider the VAT issues that might arise from your
business plans or from specific transactions to ensure that the VAT
implications are known. In providing VAT consulting services, we regularly deal
with finance and non-finance staff, so we are used to translating complex VAT
regulations into plain English.
We place great importance on keeping ourselves and you fully
abreast of statutory VAT changes and HMRC VAT policy. We proactively identify
and communicate new developments and opportunities both to save you VAT and
avoid unexpected costs and potential penalties.
We are part of a significant international
network with firms in over 130 countries. This means we are well placed to
advise on the VAT implications of multi-jurisdictional activity. You may be a
UK company engaged in e-commerce selling into overseas markets for the first
time, or an established multi-national businesses with presence in a number of
countries; via our international network we have the capability to help.
Charity VAT update
Providing all of the latest tribunal judgements from HMRC which affect charities and non profit bodies along with Making Tax Digital for VAT and Brexit.
VAT update for Schools
Providing you with a practical insight into the VAT issues faced by schools in 2019. You will also have an opportunity to ask anonymous questions throughout.
Insights and news