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VAT
Despite being called ‘the simple tax’ when it was introduced, VAT matters can range from the relatively straightforward to the extremely complex. All businesses are affected by VAT to some extent and a lack of awareness or understanding of the tax can lead to serious problems. We are always happy to discuss the needs of a business, and provide cost effective input to resolve any VAT issues.
Expert advice is the key to protecting your business from VAT problems. To manage VAT effectively you need an adviser with the commercial awareness and experience to understand your business, not just technical knowledge about this tax.
VAT is applicable to all businesses with an annual turnover in excess of £67,000 and is usually paid on a quarterly basis to HM Revenue & Customs. Whilst there are both benefits and drawbacks of becoming registered for VAT, in the majority of situations, the option whether or not to register does not exist due to the mandatory threshold. Businesses can benefit greatly from being on the most appropriate VAT scheme, whether it is the cash accounting scheme or a marginal scheme, which could benefit your cash flow position.