Our team will be happy to offer a free, no obligation discussion on how VAT affects your organisation and the range of services we can offer
Funding Advisory Hub
Our Funding Advisory Hub, curates insights and expertise together in one place, to assist your company in raising finance.
Technology, Media and Telecommunications
Our dedicated Technology team can support your business locally, nationally, and internationally.
VAT and Indirect Tax
VAT Advisory Services from Bishop Fleming Chartered Accountants
VAT and indirect taxes have become extremely complex with recent rate rises and exemptions to consider for income streams and complex VAT recovery restrictions for many businesses.
We have market-leading expertise in the VAT-complex sectors of our client base, including Land & Property, Academies and Education, Charities and NFP, International and Food & Drink.
What is VAT?
VAT is a transaction tax which applies to supplies of goods and services by a VAT-registered entity. If you are VAT registered, you are responsible for charging, recording and collecting the tax as well as paying it over to HMRC on time.
VAT for New Businesses
- Do I need to register for VAT?
- Is my income standard-rated, reduced-rated, zero-rated or exempt?
- Can I use a special scheme such as annual accounting, cash accounting or flat rate?
- How do I charge, collect, record and pay over VAT?
VAT and Property
VAT and property is a complex area and includes:
- Construction contracts
- Domestic reverse charge for construction services
- Charging and reclaiming VAT
- The option to tax
- VAT recovery on costs
- VAT reliefs (charitable, residential, disabled adaptations)
VAT and Charities
- VAT liability of income streams and funding
- VAT reliefs on purchases and construction projects
- VAT recovery on costs
International VAT
Issues to consider:
- EU OSS and IOSS VAT regimes
- Registration overseas
- B2B or B2C and differing VAT requirements
- Recovery of foreign VAT
- Evidence to support zero-rating of exports
- Import VAT and postponed Import VAT Accounting
How Bishop Fleming can help
In addition to a free, no obligation, initial meeting, we offer the following services:
- VAT reviews to identify compliance issues, efficiency savings and potential exposure to VAT liabilities.
- Assist business owners meet their statutory responsibilities with regard VAT reporting to HMRC.
- VAT implications of land and property transactions involving commercial and residential property – option to tax, zero-rating, VAT recovery.
- Advice on VAT recovery, particularly for partly-exempt businesses, e.g. property development, housing, education providers, charities and public sector organisations.
- Advice on VAT issues relating to international trade, including reporting requirements and VAT regulations in other jurisdictions.
- Advice on the implications of VAT planning for other taxes.
- Updates on forthcoming changes in UK and European VAT law
- Workshops and training for clients on all areas of VAT
- Engaging with HMRC to resolve complex VAT issues following inspections and errors etc.
- General VAT queries – VAT treatment of new income streams, online sales, compliance and payments, agency, intermediaries, etc.
Any member of our team will be happy to offer a free, no obligation discussion on how VAT and indirect tax affect your organisation and the range of services we can offer.
