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VAT

VAT is a complex tax which affects most businesses and organizations. Whether its completing and submitting quarterly VAT returns or considering the implications of specific transactions, getting it wrong can be a costly mistake. Our sector experts know enough about your business to anticipate risks and opportunities.

Registrations & returns

Our VAT team is here to help

We provide high quality VAT services, tailored to your needs, which ensure that you comply with UK VAT law, pay the correct amount of VAT at the right time and help you reduce your VAT costs.

Our services include:
 

·         Assisting with VAT registration.

·         VAT advice.

·         Preparing/reviewing your VAT returns.

·         Preparation of your statistical declarations (i.e. EC Sales Lists and Intrastat declarations).

·         Preparing overseas VAT refund claims.

For more information contact your nearest First Accountant VAT adviser.

Our VAT agent service allows us to take care of it all for you.

We offer a comprehensive VAT agent service, which gives you peace of mind, knowing that our experienced VAT professionals are looking after your VAT affairs. As your authorized VAT agent, we can deal with your VAT affairs on your behalf, reducing the burden on your business, whilst allowing you to keep full control.

Our VAT agent service includes:
 

·         Dealing directly with HMRC in respect of your VAT affairs.

·         Being the first point of contact for HMRC, should they have any queries.

·         Submission of VAT returns and other documentation to HMRC on your behalf.

·         Hosting HMRC VAT inspections.

Our VAT agent service can be particularly beneficial for overseas businesses that would otherwise find it difficult dealing directly with the UK VAT authorities.

 

Healthchecks & planning

Our specialists can provide you with reassurance that your net VAT position is accurate.

Periodic checking of your financial systems can be beneficial in many ways, not least in ensuring that you do not receive notification of any unexpected tax liabilities from HMRC. We can provide these periodic checks for you, ensuring that your systems stay at their most efficient.

Whichever solution is most appropriate for your business or organization we will:

·         Quickly identify any areas for concern or weakness in your accounting controls and systems;

·         Investigate transactions which may not have been properly accounted for;

·         Identify potential ways to reduce your overall VAT liability;

·         Recommend appropriate remedial actions to ensure that your processes, procedures and employees are fully aware of the VAT implications to your business or organization emanating from trading, expenditure and capital acquisitions.

We also provide comprehensive VAT planning advice regarding property and capital transactions as the potential costs and savings of the VAT element of these transactions can be significant.

What will our VAT healthchecks and planning advice give you:

·         Help to reduce the risk of paying too much tax to the Exchequer;

·         Assurance that your VAT liabilities are paid at the correct time and through the correct mechanism;

·         Help to manage your cash flow;

·         Ensure that you comply with your statutory and legal obligations;

·         Thorough investigation of your VAT risks and potential weaknesses within your accounting system.


Consultancy

Our team has a wealth of experience gained from working for HM Customs and Excise and in industry.

We work with medium sized businesses through to FTSE 100 household names, public sector bodies, charities and not-for-profit organizations, and, as such, whatever type of VAT advice you require and whatever size of your organization, we will be able to provide you with cost effective, straight-forward advice tailored specifically to your requirements and position.

We also keep a close eye on decisions reached on UK and EU VAT cases and ensure that you will be informed about rulings which may have implications for your business.

As members of First Accountant International Ltd we have access to an experienced pool of tax advisers in over 75 countries. As such, we can assist with simple compliance as well as complex investigations and appeals across the globe.

We can provide you with specialist VAT advice on:
 

·         Land & property transactions;

·         Construction projects;

·         Capital expenditure;

·         International VAT;

·         VAT retail schemes;

·         Pension schemes;

·         Recovery of VAT (UK and overseas);

·         Secondments to fill short-term skills gaps. 

 

Inspections, assessments & penalties

VAT is one of the most policed taxes and if accounting mistakes are made the penalties can be severe.

Following a VAT inspection, issues and liabilities can inevitably arise. We can help you to review HMRC assessments and can negotiate with them on your behalf to help ensure that liabilities and any enforced penalties are kept to an absolute minimum.

Many of our clients enjoy peace of mind prior to an inspection by receiving our VAT healthcheck; ensuring that they are compliant in the first instance.

Our services include:
 

·         Pre and post-inspection VAT assessment reviews;

·         Negotiating with HMRC;

·         Assisting with VAT appeals and dispute resolution;

·         VAT healthchecks.

What will our services give you?
 

·         Independent assessment of your VAT compliance and potential liabilities;

·         Mitigation of VAT liabilities and penalties. 

 

Risks & opportunities

A First Accountant Risks & Opportunities meeting means that one of our VAT experts will sit round the table with you to understand your business, and talk about current VAT issues affecting your sector. Once we know more about your business, we can let you know of any future VAT changes that might be a risk or an opportunity.