Advice

“Teamwork divides the task and multiplies the success”
- Author unknown

Whether you operate in the corporate or not-for-profit sector VAT will impact on the transactions you undertake in some form or another.    Having effective processes and procedures in place to manage VAT should help ensure that you are able to pay the right amount of VAT at the right time, thus ensuring you manage your VAT cash flows as effectively as possible and are minimising the risk of errors arising. 

VAT is complex however, with different rules applying depending upon the nature of the transaction in question.   This applies to both sales and purchases, the fundamental questions here being whether you are required to account for VAT on your revenue and whether you can recover VAT on a particular cost.  Determining the VAT treatment of the transactions you are involved in on a day to day basis is vital, as is properly understanding the impact of VAT on any ad-hoc transactions you might be involved in, such as property transactions, the sale or acquisition of businesses, costs related to refinancing the business, and new revenue streams. 

The benefit of understanding the correct VAT position is twofold:

1. there is less likelihood of customers querying your invoices and delaying payment whilst issues are resolved and
   
2. assessments for VAT and penalties are less likely to be raised by HMRC.

Our team of VAT specialists is able to provide you with high quality, pragmatic advice that adds value to your business and helps you mitigate the impact of this tax on your business.  We are unique in the marketplace, being an independent that has a sizeable team experienced across a broad range of business and not for profit sectors. 

“ For over 18 years The VAT Consultancy has always been our first port of call on whenever we have needed VAT advice. We value their expertise in dealing with a complex issues and putting their advice into everyday English”
Steve Hunt, HJS Accountant