Advice on VAT for Transactions
As a business, optimising your VAT position in the everyday course of your business transactions should be a key priority. Failing to do so can result in unnecessary costs for your organisation, or mean that your compliance obligations are not being met.
At The VAT People, we have years of experience in providing expert advice on VAT for business transactions, offering a wide range of advice and support services to help organisations decipher any complex VAT issues with which they may be struggling.
Our team of specialists has helped hundreds of businesses to maximise their potential through high-quality and professional VAT advice, helping companies to enhance their accounting efficiency, identify opportunities to save money, and remain in full compliance with VAT law.
How can we help you
The VAT People are one of the UK’s largest and most comprehensive sources of VAT and customs advice. Our highly qualified team of expert consultants work with clients across the country to provide holistic advice on the most effective ways of managing their VAT responsibilities.
For a more general overview of the services we offer, you can also check out the following information pages:
General VAT enquiries
HMRC assessment reviews
HMRC VAT investigations
Transactional VAT advice
VAT health checks
Dispute prevention and resolution
Reclaiming VAT from overseas
We can advise on the following topics:
- Ensuring you have correctly identified the VAT liability of all of your transactions
- Reviewing your VAT recovery processes for transactions
- Assessing your policies on zero-rated or exempt supplies to ensure they are compliant and up to date
- Making sure you are aware of and taking advantage of any available relief schemes
- Highlighting areas of potential concern with your transactional accounting, and recommending effective solutions
What can we advise you on?
The VAT People can provide comprehensive advice on a wide range of topics, including the following scenarios:
- If clients supply services on an ongoing basis, do they maximise cash flow by only issuing invoices when payment is received, with requests for payment being raised only to collect payment?
- If a business has a turnover of less than £1.35 million, are they making use of a cash counting arrangement, by which VAT on sales is only payable when a payment is received? Are they also aware that VAT on purchases can only be claimed when a payment is made?
- If the company is making use of bad debt relief and the client is on invoice accounting, does it adjust the VAT on any debts that are more than six months old, irrespective of whether the debt is genuinely bad? Does the client adjust for VAT creditors over six months old?
- If zero-rated or exempt supplies are made, does the client regularly check that the liability remains correct, e.g. do they check the conditions to ensure the supply should be VAT-free?
- What kinds of penalties can you incur by incorrectly dealing with VAT taxes? Whether looking to pay or file documents, click here to read more.
If you have questions about these or any other aspects of VAT on business transactions, The VAT People are here to help.
For more information on the VAT advice we can provide, contact The VAT People today. You can get in touch either by calling 0333 3638 012, or fill in an online enquiry form to request a call back at a time that suits you.
To learn more about the team who will be advising you, visit our team page.
Watch Our Videos
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.