VAT is a complex tax and HMRC threaten penalties for any errors; let us guide you through the maze of regulations.
VAT & DUTY SERVICES FOR BUSINESSES
Value Added Tax (VAT) is an increasingly complex tax which impacts on all aspects of business life. As a transaction based tax, businesses need to factor in the impact VAT will have on prospective business plans to ensure that there are no unexpected surprises.
In addition to VAT, many businesses also have to address Customs Duty, Excise Duties and the various environmental indirect taxes on a daily basis. Unlike VAT, which allows the offset of input tax against the output tax due, these other indirect taxes are an additional cost of sales for clients, impacting directly on profit margins.
Our dedicated, highly experienced team has a broad range of specialist skills when it comes to VAT. These skills, mixed with their knowledge and experience enable us to provide a comprehensive range of indirect tax services and, whether you need advice about compliance matters or complex restructuring projects, our team will provide you with practical solutions and assistance tailored to your needs.
How We Can Help
There are a lot of areas when it comes to VAT. Below are some of the areas we can assist you with.
We work with you to ensure that you understand VAT and its impact on your transactions, assisting with:
- VAT registrations
- Ad-hoc advice
- Assistance with partial exemption methods or special VAT schemes
- Advising on record-keeping
- Completing VAT calculations and VAT returns on your behalf.
With businesses now trading across the globe, UK VAT is just one complexity, and overseas VAT registration may also be required. Utilising our experience in advising on cross-border supply chains, we can help you deal with complex transactions as well as offer access to our global VAT networks.
The VAT rules in relation to property transactions are particularly complex and this, coupled with the high value of transactions, means that specific VAT advice is highly recommended – particularly in relation to:
- Option to tax
- Relevant residential and relevant charitable developments
- 5% reduced rate construction services
- Capital Goods Scheme
- Transfers of a going concern
- New build dwellings
VAT has evolved from the “simple tax” originally introduced, and it is easy for even the most diligent businesses to make mistakes. Our VAT health check aims to give your business peace of mind that it is compliant with all relevant rules, as well highlighting opportunities for VAT savings and efficiencies. We review:
- VAT accounting processes and systems
- The liability of income streams
- VAT recovery position, including partial exemption methods
- Specific issues or one-off activities
- Special accounting schemes, such as the flat rate or cash accounting schemes
We can assist you in relation to your core business activities as well as those less routine areas such as:
- Acquisition, restructuring or disposal of businesses;
- Acquisition, sale and development of land and buildings; and
- EU and international VAT transactions.
Our team has extensive experience which you can tap in to obtain prompt, commercially sound and robust advice whenever you need it.
Our Customs duty services includes:
- Assistance with implementation of customs reliefs/regimes; and
- Business process and controls reviews – A customs health check that provides you with comfort that your supply chain processes are operating efficiently and that potential saving opportunities are not being missed.
In addition to VAT and Customs duty, our clients also encounter other indirect taxes and our diverse team can provide support and guidance on these.
Like Customs duty, Excise duty is generally not recoverable. This means that it is a direct, and frequently substantial cost to a business. We can assist businesses to deal with their Excise compliance obligations, from registration through to returns. In addition, with the significant value of many Excise duties, we can assist with duty suspension regimes in order to assist businesses with their cash flow and working capital requirements.
The importance of Environmental Taxes continues to grow. With a mixture of devolved and national taxes, the position can be even more complex for Scottish businesses operating both sides of the border.
We have experience of assisting with a wide range of environmental taxes, including the Climate Change Levy, Aggregates Levy and Landfill Tax.
Whilst these other indirect taxes may not be as common as VAT and Customs Duty, for those businesses that encounter them, they are a significant issue. Whether you have to deal with HMRC, SEPA or Revenue Scotland, we have the experience to assist with the management of these taxes.
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