Demystifying the complexities of VAT
VAT is a complicated area of taxation. If you are new to VAT then HM Revenue & Customs provide some good explanatory information.
Mapus-Smith & Lemmon can assist with the following:
- Registration for VAT -
- Changes in registration -
- Calculation of VAT liabilities, including completion of HMRC VAT Returns online -
- Submission only of VAT Return online -
- De-registration -
- Flat Rates Scheme including application and selection of appropriate rate and the pro’s and con’s -
There are three different VAT rates and many different areas that require specialist knowledge which we have
- VAT on property transactions – This can be a very complex area and it is essential to take early advice to avoid pitfalls
- Partial exemption – Calculation and the use of a suitable basis is difficult to establish and errors can be made costing businesses thousands of pounds
- Business sales and the transfer of a going concern, analysis of VAT position of such transactions
- Overseas and foreign VAT issues
- Intrastat reporting requirements
- Record Keeping requirements
- Identifying input VAT and calculating recoverable VAT
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