VAT

VAT compliance is complex and time-consuming.  We can save you time and costs.

The rules are peppered with minefields to catch out the unwary, and infused with a multitude of fines to penalise mistakes. Whether trading locally or in the global marketplace, it is important to ensure your systems and processes are sufficiently robust to cope with VAT compliance

Added to that are the special issues surrounding such matters as property transactions, buying or selling a business, imports and exports, and you can soon find yourself buried under a mountain of regulations.

We can offer you up-to-date and constructive advice on all aspects of VAT. Liaising with HM Revenue & Customs on your behalf, we will keep you on the correct side of the rules.

We will also highlight any potential planning opportunities available and keep you up to date with any relevant changes in the VAT rules – through guidance, training and workshops.

The Bishop Fleming VAT team has many years experience in helping businesses and organisations, both small and large, with all aspects of the rules.

What is VAT?
VAT is a transaction tax which applies to most business. If you are VAT registered you are responsible for computing, recording and collecting the tax as well as paying it over to HMRC on time.

You can avoid penalties by accounting for VAT correctly. Keeping up to date with VAT returns and payments helps your business to operate more effectively and creates a smooth relationship with the tax office.

International VAT
If your business supplies or receives goods or services in the EU or in countries outside the EU, you need to be aware of the relevant rules that apply and the reporting requirements.

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.
• VAT implications of land and property transactions involving commercial and residential property – option to tax, zero-rating, VAT recovery.
• Advice on reducing VAT liabilities and costs, particularly for partly exempt businesses e.g. property development, financial services
• Advice on VAT issues relating to international trade including reporting requirements and VAT regulations in other jurisdictions
• Updates on forthcoming changes in UK and European VAT law
• Workshops and training for business professionals on all areas of VAT
• Engaging with HMRC to resolve complex VAT issues following inspections etc.
• General VAT queries – VAT and cars, compliance and payments, agency, intermediaries, etc.

What you need to consider

VAT for new businesses

• Do I need to register for VAT?
• Is my business 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
• Charging and reclaiming VAT
• The option to tax
• VAT recovery on costs

VAT and charities

• VAT liability of income
• VAT reliefs on purchases
• VAT recovery on costs

International Tax

VAT in Europe – issues to consider:

• Digital economy – VAT Mini-One-Stop-Shop
• Registration overseas
• B2B or B2C?
• Goods or services?
• Compliance and evidence
• European VAT recovery

VAT outside Europe 

Issues to consider:

• Zero-rating
• Evidence of exports

Any member of our team will be happy to offer a free, no obligation discussion on how VAT affects your business and the range of services we can offer.