VAT Advice for Opticians
The VAT People provides specialist advice and support for opticians regarding every aspect of the VAT process.
We can help you to ensure you are taking advantage of any reliefs that you may be entitled to, while also making sure you are paying the correct amount of VAT.
Our highly regarded team has decades of experience in this area, amplified by the fact that many of our senior consultants previously worked for HMRC. This makes us extremely well placed to offer simple but effective guidance that makes a difference to your business.
We have helped many opticians to navigate the complicated realm of VAT, and are happy to answer any questions you may have. Contact us by calling our helpline on 0330 1275 459, or fill out an online enquiry form and we will be in touch at a time that is convenient for you.
How we can help you
The team at The VAT People is experienced in helping opticians to maximise their VAT position, and we offer a number of catered services to help you.
- Offer help if you feel as though you are paying too much VAT, or not maximising VAT recovery effectively
- Assist with VAT processes, such as completing full-cost VAT appointment calculations
- Advise on other methods of appointment that may improve your VAT position
- Provide initial free phone consultation to identify ways that we may be able to assist, or if it has been a while since you last reviewed your VAT position
- Help new optician businesses get to grips with VAT obligations and fully understand VAT. For example, we can clarify the services and goods that may not be exempt from VAT
You can find out more about the services we provide to opticians on the following pages:
- General VAT enquiries
- HMRC assessment reviews
- HMRC VAT investigations
- Partial exemption
- Transactional VAT advice
- VAT health checks
- VAT planning
- Deregistering for VAT
- Dispute prevention and resolution
- Reclaiming VAT from overseas
- VAT training
What if I’m setting up a new opticians practice?
There can often be a great deal of uncertainty regarding VAT. It is necessary to understand the VAT liability of your supplies, establish the value of your dispensing services and ascertain the proportion of VAT that you can recover on your set-up and operational costs.
At The VAT People, we can review and discuss your business plans with you, offering advice on the VAT matters that need to be addressed at the outset. We can provide guidance on specific matters, such as the purchase of capital equipment, whether to operate the Full Cost Apportionment Method or Separately Disclosed Charging Method, and help you to maximise VAT recovery.
What is the full cost apportionment method of accounting for VAT?
Where an optician makes a single charge for the supply of spectacles and dispensing, then they should be apportioning that in accordance with a method that has been agreed with the local VAT business advice centre. This is known as the full cost apportionment method.
This needs to be reviewed at least every three years, or whenever significant changes have taken place within the business. We can assist your business in undertaking full cost apportionment calculations.
What is the separately disclosed charging method?
When an optician makes a separate charge for the spectacles and the dispensing, he or she does not have to perform an appointment of charges for spectacle sales. In such cases, the customer should be able to obtain the supplies separately at the individual specified charges. This can be tricky to navigate, as it is the dispensing services are usually tied with the supply of the spectacles.
HMRC will accept that separate considerations have been established, as long as the charges are stated to all patients at the time of supply.
To find out more about how we can help opticians with any aspect of their tax planning, get in touch with us today on 0333 3638 618 or contact us by email with any other queries.
Discover more about the people who’ll be working alongside you to make the most out of your VAT opportunities on our team page.
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Get the vital information you need quickly and easily by watching one of our guidance videos - topics include VAT assessments and penalties, VAT for charities, and maximising VAT recovery.