VAT advice and assistance

Help is at Hand

VAT was introduced in the UK on 1st April 1973 as a simple tax. Successive Finance Acts have made amendments to the law which has also been consolidated, first by The Value Added Tax Act 1983 and subsequently by The Value Added Tax Act 1994.

The Acts provide the framework of tax but much of the detail affecting businesses on a day to day basis is to be found in statutory instruments, either in the form of orders made by the Treasury or regulations made by Customs & Excise.

Our office reference book which is used on a day to day basis runs to over 1,300 pages!

It is important that all businesses are aware of VAT.

New businesses need to be aware of the VAT registration limits, the poverty trap which is sometimes triggered at registration and the flat rate scheme for smaller businesses.

Businesses which are registered for VAT should be aware of differing rates of VAT including exempt supplies and those which are outside the scope of VAT. Partial exemption rules need specialist advice.

There are special rules for many situations and types of businesses including charities, the supply of second hand goods, tour operators, buildings and construction and imports and exports.

The above is but a brief summary and specialist advice is required at all times to ensure that substantial VAT pitfalls are not being created.

Contact us for further advice