VAT (Value Added Tax) is one of the most complex taxes imposed on business and one that many businesses inadvertently overpay or underpay.
With a constant stream of detailed changes to the regulations, businesses can find it difficult to ensure they comply with the VAT rules. Mistakes in its calculation can be costly and the rigid system of penalties for late submission of returns and interest charges for mistakes only adds to the burden.
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Some of the questions we get asked and some of the VAT issues that our clients need help with
In our experience, the worst thing to do is do nothing if you have a problem with VAT. Ignorance or lack of understanding is rarely an excuse that HMRC will accept and lack of payment can lead to issues of evasion and severe penalties.
We often get asked the following questions about VAT. Some might seem quite simple to answer, but it is surprising how confusing businesses can find the rules of VAT.
- Am I able to reclaim any VAT this quarter?
- What is the accounting period for VAT?
- What is the amount of VAT I need to pay?
- When do I charge VAT on certain goods?
- How do I claim VAT back on specific goods and services?
- Is VAT a goods and services tax?
- What is VAT accounting?
- Is VAT only charged on selling goods? What about on services supplied?
- When does a company become liable for VAT?
- What type of company must register for VAT? What is the registration threshold?
- Is VAT registration the same as Tax registration?
- How do I get a new VAT identification number?
- I’m trading in Europe now. How does European VAT work?
- Is customs duty different to VAT?
- How do I deregister my company for VAT?
- Is VAT paid to the Revenue and Customs like tax?
- I think I am owed VAT. What about refunds?
- What is the difference between hot and cold takeaway food for VAT purposes?
- I got my record keeping wrong last quarter. Is it acceptable to voluntarily repay my outstanding VAT bill?
- What is the charge mechanism for late payment of VAT? Can I negotiate time to pay?
There are plenty more questions we get. And that’s not mentioning the difference between zero rated and VAT exempt good and services.
Talk to our experts for all the help and advice you need with VAT
Our experienced and expert team of VAT specialists can provide a cost-effective service which will help to keep your affairs in order. SFB will make sure that you are collecting the right amount for each transaction and will ensure that you make payments and file returns correctly and on time. We can also help with VAT recovery and work with HMRC if you have a short-term late payment problem.
In addition to VAT compliance work, SFB provide advice on more complex planning issues such as:
- Voluntary registration
- Compulsory registration
- De-registration
- Partial exemption
- Cash accounting, annual accounting and flat rate schemes
- VAT on imports and exports
- Margin schemes for second hand goods
- Dealing with enquiries from HM Revenue & Customs
- VAT & property
In our experience, businesses have more problems with VAT than any other tax. It can take up a great deal of time, and even then it can seem impossible to get it right, with the laws changing on a regular basis.
SFB’s dedicated team of VAT advisers can meet all your VAT needs, so that you can get on with running your business.
SFB offers a competitively priced basic quarterly compliant service for VAT, and a bespoke service for more complex VAT issues. For more information, please contact SFB on 03333 444 171 or send an email to tax@sfb.group.
