Professional Advice With a Personal Touch

Thompson Jenner offers a full range of Value Added Tax (VAT) services from registration, the completion of VAT returns and dealing with more complex transactions and minimising your liabilities. Let us help you deal effectively with the VAT aspects of your business.

VAT is one of the most complicated areas of taxation for business. It can be a significant burden for any registered business, ranging from compliance in completing VAT returns to understanding the VAT legislation on specific transactions.

Many businesses fail to take advantage of the various reliefs available and either pay too much VAT or miss out on various cash flow benefits.

We provide an efficient cost effective VAT service from our Exeter and Exmouth based teams, which includes:

  • Assistance with VAT registration
  • Advice on VAT planning and administration
  • Use of the most appropriate scheme
  • VAT control and reconciliation
  • Help with completing VAT returns
  • Planning to minimise future problems with HM Revenue & Customs (HMRC)
  • Negotiating with HMRC in disputes and representing you at VAT tribunals
  • Advice on VAT on cross-border transactions
  • VAT control and reconciliation
  • VAT inspections
  • We can also provide a VAT ‘health check’ service
  • Helping you with Making Tax Digital for VAT

Making Tax Digital for VAT (MTDfV)

MTDfV came into effect on the 1 April 2019, businesses with a taxable turnover above the VAT registration threshold (currently £85,000) are now required to keep their records in a digital format. Businesses will also need to file their VAT returns digitally using Application Programming Interface (API)-enabled software, and not through HMRC’s current portal.

For a summary of the key questions on MTDfVAT, please visit our recent Hot Topics article.

You can also read our Making Tax Digital for VAT factsheet.

We can support you through the changes that are being brought in for recording and filing of MTDfV. Please talk to our Cloud Accounting team if you require any further information on how this will effect you and how we can help you be compliant with MTDforV.

New accounting procedures for VAT for the Building Trade.

IMPLEMENTATION DELAYED: HMRC has confirmed that it has delayed the implementation of the construction sector VAT Reverse Charge until 1 October 2020. We understand at this point that the format will remain the same and have updated our overview below.

Under new rules now due to come in on 1 October 2020 the way you need to deal with VAT is changing for VAT-registered builders and contractors. The measure is designed to combat VAT fraud in the construction sector labour supply chain which HMRC argue presents a significant tax loss.

Currently, a sub-contractor is responsible for charging and accounting for VAT to HMRC on supplies to main contractors. From 1 October 2020, the main contractor will be responsible for declaring the VAT on supplies received from the sub-contractor under the reverse charge rules. An equivalent VAT deduction can also be claimed by the main contractor subject to the normal rules of VAT recovery.

Under the reverse charge a main contractor would account for the VAT on the services of any sub-contractor and the supplier does not invoice for VAT. The customer (main contractor) would then account for VAT on the net value of the supplier’s invoice and at the same time deducts that VAT – leaving a nil net tax position. This is intended to ensure that VAT is correctly accounted for on supplies by sub-contractors.

We can help

Using our VAT reverse charge flow chart and our practical steps to take guide, you should review your supply chains to consider how they will be impacted by the changes. It is important to identify your contracts with sub-contractors and customers which may be subject to the new reverse charge rules and making sure your accounting systems are updated accordingly. Contracts for services between sub-contractors and contractors may need to be reviewed and updated. If you still need help please get in touch with us to arrange a free initial review meeting.

Constant changes to VAT regulations and the ever growing demands of HMRC calls for a well-trained professional assistance. We have a wealth of advice and information on all aspects of VAT, including essential advice for VAT planning and how to manage a VAT inspection. Why not give us a call to find out how best you can benefit from our services.

We would love to meet you, which is why we offer all new clients a free, no obligation initial consultation. Click the contact button below to see all the methods to get in touch with us and if you like you can leave an email enquiry with the form provided and we will contact you to arrange a time and date.

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