VAT - Value Added Tax
VAT legislation has become increasingly complex and there are a number of areas of opportunity to improve your cash flow, save you time and in many cases claim back significant amounts of money.
Haines Watts has developed unrivalled strength as a mid-tier firm in the provision of market leading specialist VAT advice both regionally and nationally. Our specialist VAT team has extensive knowledge as well as many years experience within the VAT arena, including in some cases previously working at senior management level with HMRC. This added value enables us to provide the highest level of technical advice.
Our approach to working with clients is wholly practical and we are happy to work on a “results” basis, with the benefits to clients being both significant backdated VAT refunds and in some cases improved margins for the future.
Customs duties
Increasingly there is flexibility within HM Revenue & Customs (HMRC) that offers many businesses the opportunity to set up warehouse regimes to defer customs duties and VAT on imports. Our specialists can advise on such opportunities, in conjunction with other reliefs, to help maximise cashflow benefits.
VAT compliance
This service is of great benefit to businesses that seek to limit their time spent on the administrative burden of VAT compliance. It can be beneficial to international businesses that require UK VAT registration and where a full understanding of UK legislation may not be present in-house. As well as advising on procedures, clients frequently outsource their VAT returns to us. This is expected to increase with the advent of on-line only VAT returns in 2010.
UK VAT Audits
The HW VAT Team has the expertise and experience to undertake a full pre VAT inspection. Clients who have been notified by HMRC that they are to receive a VAT inspection will receive a comprehensive pre VAT audit review which will give the opportunity to voluntarily disclose any errors, thereby eradicating potential penalties and interest charges.
Training
The HW VAT Team can provide training sessions for clients and their employees on all aspects of VAT, including the new cross border regulations that are to be introduced in January 2010.
Disputes and appeals
Experience has shown that many VAT assessments can be challenged. We can assist you in disputing unjustified VAT assessments. In most cases we can negotiate acceptable settlements, but if disputes on points of law remain, we can represent you before the VAT and Duties Tribunal.
Partial exemption
This is one of the most complex areas of VAT. We can provide effective planning advice and assist partially exempt businesses to maximise VAT recovery, whilst at the same time limiting costs.
In respect of more complex cases, our VAT Team also has considerable experience in negotiating with HMRC a special method for partial exemption, which maximises the input tax recovery.
VAT liabilities
We can help you to understand the complexities of VAT and provide reassurance that the correct VAT rate is being applied to sales. We can also help to obtain rulings from HMRC on VAT liabilities.
Planning and structuring transactions
Our commercial approach helps to structure transactions so that VAT does not needlessly apply. With this focus we are able to structure additional efficiencies and cost savings in many cases. Our experience of the rules applicable to specialist bodies (e.g. central government and local authorities) means that we can often secure advantages for private sector businesses trading with such bodies. We can also optimise the VAT position on land and property deals, working closely with other third parties.
International issues
An increasing amount of countries throughout the world now have VAT systems. In the European Union (EU) these are based on common principles but there are significant differences in implementation. In many cases we can assist you in reducing compliance costs by minimising the number of VAT registrations required and by managing the cash flow impact of VAT payments. We can help with claiming repayment of VAT incurred in EU countries (and some non-EU countries) in which you are not registered for VAT. We can also advise businesses engaged in e-commerce on the VAT treatment of these services and help to devise an international VAT strategy.
Haines Watts has an international network of affiliated accountancy firms which provide Indirect Tax advice for specific countries and in addition provide Indirect Tax registration and statutory return services in those countries.
Notice of Requirement to Give Security
There has recently been an increasing incidence in the issue of such Notices by HMRC. The usual requirement is for the business to lodge a security deposit with HMRC equivalent to 6 months VAT liability. In the current trading climate this can have a devastating impact on any business.
To find out more about how we can help you with this area click here.
Specialist Sectors
VAT rules can vary and change frequently depending on which industry sector you are operating in. We have obtained major repayments for many clients across a range of sectors and have specialists who deal with specific industry sectors. These include Catering, Not-for-profit, Care homes, Hotel Groups, Student Unions and Sports clubs.
If you would like to dicuss how we can help or for more information please contact your local office.