How can I reduce my VAT liability?

VAT 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.

If the following issues resonate with you, then we have the team to help:

• What is VAT?
• 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?
• How much VAT will I need to pay?
• How do I manage VAT?
• Will I need to charge VAT on my sales?
• What flat rate VAT percentage should I use?
• How can I claim back VAT on a building?
• How do I work out how much VAT I have to pay?
• Do I have to pay the VAT if my customer doesn’t pay me?
• What if I can't afford to pay my VAT bill?
• Can you help me produce my VAT return?

How Bishop Fleming can help your business

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.

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.