VAT is a self-assessed tax. This places the onus firmly on businesses to get it right. The law is constantly evolving and it is sometimes difficult to keep up to date. With high VAT rates and a punitive financial penalty regime, the cost of getting things wrong can be significant.
Stephenson Smart’s VAT accountants advise businesses across all sectors on meeting their VAT compliance obligations in an efficient manner.
HM Revenue & Customs (HMRC) demands the right amount of tax is paid at the right time. The publicly available guidance is not always clear and we are able to assist and advise you on all areas of VAT compliance.
Our comprehensive VAT advisory service includes:
- Review of VAT systems and accounting procedures
- VAT registrations and grouping
- Transfers of going concerns
- Partial exemption and Capital Goods Scheme calculations
- Opting to tax land and property
- Special VAT accounting schemes (e.g. cash accounting)
- Place of supply of goods and services
- VAT rates and liabilities
- Invoicing and recordkeeping requirements
- Correct application of VAT reliefs
- Dealing with errors, corrections and VAT reclaims
We can undertake and complete VAT returns, EC Sales Lists, applications for registrations, and option to tax forms on your behalf.
Alternatively, we can review your accounting procedures and systems, or provide appropriate training to key members of staff.
We can also assist with dispute resolution in an effective and timely manner. We help our clients prepare for their VAT inspections by undertaking health checks, attending meetings with HMRC and dealing with queries after the event.