VAT

VAT is classed as an indirect tax by the Revenue and it is often overlooked in tax planning exercises. Arguably, VAT is the most complex area of taxation encountered by businesses and ensuring that you comply with the rules whilst staying tax efficient can be an area in which considerable savings can be achieved.

Compliance issues are fully considered as part of our accountancy and bookkeeping services, ensuring that you meeting filing deadlines and correctly account for liabilities, whilst receiving refunds due on a timely basis.

The list of planning opportunities and compliance issues can seem overwhelming, but some of the key areas in which we can help are:

• On line VAT registration;
• On line filing of VAT Returns allowing extra time to pay and prompt receipt of refunds due;
• Advice on the need to register of VAT and opportunities to be consider through voluntary registration;
• Assessment of the appropriateness of VAT schemes such as Cash Accounting, Annual VAT Returns and Flat Rate Schemes;
• Attending VAT inspections;
• Enquiries and dispute assistance. This service gives the most satisfying results when combined with our Enhanced Tax Service, which protects you from liability for our professional fees in the event of an enquiry or dispute;
• VAT considerations on the acquisition or disposal of a business or asset
• VAT issues associated with property transactions, to include assessment of zero rated, reduce rate and exempt transactions. This covers both the purchase and sale of land or buildings as well as redevelopment projects;
• Advising on the distinctions between commercial and residential property, listed and unlisted buildings, renovation and repair;
• Partial Exemption calculations and advice, to include Annual Adjustments;
• Interaction of VAT with Stamp Duty, Capital Gains Tax and Corporation Tax;
• Overall assessment of the impact of VAT decisions on business plans and forecasts, bookkeeping, and Corporation Tax. To include advising on the effect of new exempt transactions on existing standard rated trades

If you require any assistance with VAT, whether in the form of registering, filing Returns or planning issues, or have any other accountancy, bookkeeping, Self Assessment or business queries, then please contact us.