Value Added Tax can be a minefield. The legislation is large and complicated and include penalties and interest for the unwary. There are also special issues surrounding the likes of buying and selling businesses, imports and exports and property transactions.
VAT comes in many forms from Standard rated, zero rated and exempt and differing rates from 20% to 0%. There are different schemes such as annual accounting, cash accounting and flat rate.
Are you VAT registered? Do you need to be? If not would it be beneficial? Do you need to operate a retail scheme or would the flat rate scheme make things easier for you?
Nathans have experience dealing with many different businesses for VAT purposes. The books and records of VAT registered businesses need to be compliant with HMRC guidelines and stand up to HMRC inspection. At Nathans we can point you in the right direction to ensure you are compliant and ease any investigation you may have.
If you are confused about VAT you are not alone. Call Nathans for a review of your circumstances and help in registering, deregistering and calculating and submitting your VAT returns.