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VAT Service


Value Added Tax (Vat) is a relatively new tax compared with the raft of other taxes faced by the average business in the UK or overseas. It is peculiar to the European Community although there are similar models for accounting this form of indirect tax in other territories.

Unlike the various forms of income tax or corporation tax which have been around for many centuries and have some settled principles Vat is a modern tax underpinned by modern thought processes. The basic principle is that one business charges Vat on a supply to a customer and if that customer is a business it can claim the Vat charge against its own output Vat charged to its customers. A customer who is not a business cannot avoid a charge to Vat but there are exceptions. In fact the Vat legislation is riddled with so many exceptions that to the unwary incorrectly charging or claiming Vat has a higher level of probability than almost any other tax.


Services

To help you in ensuring you pay the correct amount of Vat our Vat service includes the following:

Advising you on the most appropriate Vat scheme for your business.

Quarterly review of your Vat position from processed entries and the highlighting of materially incorrect entries.

Advising you of significant errors to the Vat calculation.

Bringing to your attention material errors of principle in charging output tax and claiming input tax.

Compilation of Vat returns for submission to HM Revenue & Customs.

Reconciliation of Vat liabilities during the preparation of the annual accounts.

Liaising with HM Revenue & Customs in communicating information in relation to your business during the initial phase of a routine Vat visit.