VAT Compliance and VAT Planning

We can assist you with the general compliance matters involved in being a VAT registered person or organisation. Your business may benefit from utilising optional VAT regimes such as flat rate, cash accounting or the second hand margin scheme and we can advise on such schemes.

In April 2009, HMRC introduced a new penalty system whereby they have powers to impose penalties not just for unpaid VAT but also for errors caused by lack of reasonable care. Simple inaccuracies in VAT returns can now produce assessments and penalties beyond what used to be the case. We can assist in defending or mitigating an assessment or penalty.

Where there is a sale of one business to another, special rules apply. Also, transactions in property often give rise to potential VAT problems, such as partial exemption and opting to tax. We can assist in identifying problem areas and offer advice to mitigate VAT due and potential penalties.

In view of the potentially high values involved, it is important to obtain advice about the VAT treatment of any property transaction prior to finalising your decision.