Value Added Tax
Owing to its growing complexity and demanding compliance requirements, Value Added Tax (VAT) is often overlooked or misunderstood and businesses can underpay or overpay VAT as a result.
Tax Services
Value Added Tax Services
VAT impacts every aspect of your business and was the first tax to become subject to HMRC’s ‘Making Tax Digital’ initiative – as ever, it is the responsibility of the taxpayer to get it right and ensure compliance.
Don’t fall foul of the regulations or pay more than what is due!
Our specialist tax team is here to ensure that all transactions and finances are handled correctly. Most importantly, we’ll make sure all of your business’ finances are compliant with HMRC regulations and we’ll steer you through the maze that is VAT.
Taxation
Our VAT Services
01
Ensure Compliance
Ensure your business complies with legal requirements.
02
Provide Guidance
Provide guidance on VAT calculations, helping to accurately determine taxable supplies.
03
Optimise Tax Efficiency
Offer advice on VAT schemes and exemptions, optimising tax efficiency where possible.
VAT Services
How can we help with your VAT?
At Marshall & Co, we will guide you through the entire process.
Our qualified and experienced team prepare and submit your all-year-round VAT reporting and returns on your behalf.
The perfect mix of accounting software, tax experts and dedicated client manager could be just what you are looking for whilst staying compliant with HMRC’s Making Tax Digital rules.
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Value Added Tax (VAT) is the tax you must pay when buying goods or services. If you are a business, you may be required to register for and collect VAT.
Businesses with a turnover of more than £85,000 (known as VAT registration threshold) must register to pay and add VAT on the products and services they buy and sell and pay this to HMRC when they file their quarterly return.
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How does VAT work?
Your company will need to submit VAT returns to HMRC on a monthly, quarterly, or annual basis. The return summarises the VAT collected on sales and the VAT incurred on expenditure during that period. If the collected figure exceeds the VAT incurred, you pay the difference to HMRC. If the VAT incurred is greater, HMRC will refund the difference.
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What goods and services are exempt from VAT?
Some goods and services exempt from VAT in the UK include most food and drink, certain medical and health services, and education.
Tax Services
How our team can help you with Value Added Tax.
Our team will:
Help and advise on VAT registration including the appropriate VAT scheme to use for your business
● Advise on how to manage your VAT on everything from day-to-day trading to one-off transactions
● Assist with all aspects of compliance including preparation and submission of your VAT returns
● Prepare and submit EC Sales Lists and Intrastat returns
● Defend against HMRC challenges, negotiate penalties, manage VAT inspections and, if there has been an underpayment of VAT, negotiate the repayment plan
We can also provide more specialist advice on property transactions (acquisitions, disposals, construction and development), acquisition and disposal of businesses, exempt supplies, partial exemption calculations, VAT recovery, motor vehicles and expenses, and special VAT accounting schemes.