VAT:
VAT affects most business transactions, whether involving goods or services, and can impose significant direct costs on a business. It is a complex and constantly evolving tax based on European
Union law and failing to keep up to date can lead to
costly mistakes.
What you need to know
Businesses with an annual turnover exceeding the VAT limit (2010/11 £70,000) must register with HM Revenue & Customs and account for VAT.
Whether you are a small or large business, in the public sector or a not for profit organisation, you need to ensure you are managing your VAT affairs properly and collecting the right amount of tax. At the same time, you must make sure that you are maximising the recovery of VAT on your costs and filing and paying returns on time.
VAT must be charged on all goods and services sold to customers, unless exempt or zero rated. Relief for VAT paid on purchases can be claimed; subject to the relevant VAT rules, in order to determine the amount payable to, or refundable by, HM Revenue
and Customs.
It is possible to arrange with HMRC, registration under the “flat-rate” scheme or, cash accounting scheme, if beneficial.
At Pilbro, our aim is to:
- Provide you with clear, understandable advice to enable you to meet your legal obligations
- Keep you informed of developments in the VAT regulations
- Use our technical expertise to provide answers to any VAT problems you may have
|
|
