VAT Advice
VAT is supposed to be the simplest tax of all. "It's just a matter of subtraction after all." The truth is far from that.
There were important new VAT changes at the start of 2010 which every business needs to be aware of and understand the practical implications. Talk to Lindsay Gray on 01344 620495 or email lindsay.gray@dbsellek.co.uk
(1) New Flat Rate Scheme percentages were applied from 1 Jan 2010. The VAT Flat Rate Scheme allows businesses with a turnover up to £150,000 to pay VAT as a flat percentage of turnover www.hmrc.gov.uk/vat/start/schemes/flat-rate.htm#5a
(2) All businesses with annual (VAT exclusive) turnover of £100,000 must file their VAT Returns online (from 1 April 2010). Any business registering for VAT on or after that date will also have to file online. For more information visit www.hmrc.gov.uk/vat/vat-online/index.htm
(3) If you trade with overseas businesses, there were major changes to the Cross-border VAT rules applying to goods & services. These affect where, how and when VAT is accounted for; completion of EC Sales Lists for goods and services; and reclaiming VAT incurred in another EU country. For more information visit www.hmrc.gov.uk/vat/cross-border-changes-2010.htm
VAT has become one of the most complex areas of tax where the structure of a deal can cost thousands of pounds. And once the deal is done it cannot be fixed. It is vital that you seek professional advice on any deal before it happens.
We can make sure that you take the most VAT efficient route in structuring any transaction, from buying, renting, or building a property to the purchase of a business. And we can liaise with your lawyer or solicitor to ensure that any agreements drawn up take advantage of any VAT planning schemes available.
And it's not just the big deals where VAT can be saved. Every day businesses pay too much VAT to HMRC because they are not aware of the issues relating to aspects of their business. We can advise on these areas and negotiate with HMRC to minimise your VAT liability.
We also have clients who are based in the UK, but provide services abroad. These working practices may merit advice on VAT (both UK and overseas regulations), as well as PAYE considerations.
Whatever your requirements we would be happy to meet you.
Read the Summer Budget 2010
