VAT

VAT compliance is an ever evolving environment and with recent changes to the administration of VAT, with the introduction of Making Tax Digital (VAT), having an experienced accountant in your corner is more important than its ever been.

Our comprehensive VAT service covers the following areas :

If you have a taxable turnover of £85,000 and above, you will need to register for VAT. There are also other criteria which could trigger a compulsory VAT registration, regardless of turnover such as a foreign based company making taxable supplies in the UK.   There are also circumstances where you will need to deregister for VAT, such as if your taxable turnover falls below the current threshold of £85,000 or you sell your business.

Our team are on hand to help you through areas of compliance regarding VAT such as what supplies are subject to VAT and rules regarding  items you cannot reclaim VAT on.

MTD for VAT is a new initiative surrounding how you submit your VAT Returns to HMRC. The legislation states that your VAT submission process must draw data automatically from MTD compliant software, and that each transaction has a digital record. This is a great opportunity to bring your business into the digital age and make your VAT Return process easier.

VAT Returns must be submitted to HMRC either quarterly, monthly or annually. With MTD now in place, these will need to be submitted online via MTD compliant software

You can apply for a VAT refund on building materials and services if you’re:

  • Building a new home
  • Converting a property into a home
  • Building a non-profit communal residence – e.g. a hospice
  • Building a property for a charity

The building work and materials have to qualify. You must apply for the refund from HM Revenue & Customs within 3 months of completing the work.