Value Added Tax or VAT is one of the most complex taxes for businesses to deal with on a day to day basis. Whilst VAT applies on many of the goods and services consumers buy, most businesses, particularly those starting their first enterprise, struggle to get everything compliant from the start.
Determining the correct VAT rate or VAT status in any one situation can also be tricky due to the reliance on case law working hand in hand with legislation. Recent cases involving famous brands are well known, but there are many more cases that affect the VAT charged on every day goods and services.
Added to this, the penalties for getting VAT wrong are rigorously imposed and can be very expensive as a result.
Wisteria provide a wide range of VAT services, including:
- VAT registration and advice
- Completion of VAT returns
- Reviewing eligibility and efficiency of VAT schemes, such as the Flat Rate Scheme
- Resolving complex VAT issues where the law is unclear
- Investigating VAT saving opportunities
- VAT advice
- Help with International VAT issues
- Guidance in relation to sector specific VAT issues
- Supporting businesses under-going a VAT investigation or enquiry
More complex VAT issues often relate to an area of VAT uncertainty, where legislation is ambiguous and where relevant case law may not exist. Wisteria regularly seek VAT clearance in relation to transactions and have worked with HMRC on a number of occasions to determine the tax status in such areas.
Many clients also require more simple advice, to determine which VAT rates apply in each circumstance, where VAT exemption may apply, or simply ensuring processes and invoices are optimised to minimise work at a later date.