All You Need To Know About VAT Planning

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All You Need To Know About Tax Planning

tax planning

VAT is a global concern, requiring specialist VAT planning to enable your business to remain compliant while minimising its tax liability.

In the UK, VAT is a tax that’s collected by businesses on HMRC’s behalf.  A business’ VAT duties can vary considerably from others, creating compliance risks.

Complications arise around the distinction between whether a supply is one of goods or services, as different rules apply to the time and place of supply.  Other complexities include the correct application of ‘zero-rate’ and ‘VAT exempt’.

Importantly, VAT becomes a consideration in many wider business transactions, such as the sale of a business.

Internationally, businesses must deal with different administration rules, rates, information requirements, lead times and deadlines.

There is considerable scope for error across the VAT regime.

VAT demands on-going management to ensure compliance with administration requirements as a result of relevant events, to ensure the correct levels are being collected on behalf of HMRC.

If you’re a property investor or a property developer, you may encounter VAT issues around the Transfer Of A Going Concern, and VAT exemption.

VAT doesn’t apply to the majority of commercial property transactions, but VAT can apply to new build properties, or where there has been an election to charge VAT, in which case the VAT liability usually lies with the landlord/seller.

Speak With A Tax Expert Now To Reduce Your Tax

Working alongside your professional advisers, it’s no surprise that specialist tax advisers can often identify extra opportunities for you to save tax, across a variety of personal and business areas.  After all, they're experts in their field.

To discover how much additional tax you might be able to save, please complete the form below and we’ll introduce you to a specialist tax adviser to discuss your requirements.

Your initial conversation will be without charge and without any commitment to go ahead. 

The Financial Conduct Authority does not regulate taxation advice.

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