When it was first introduced on the 1st April 1973 VAT was hailed as a tax that would be easy to understand and simple to operate - how times have changed!
Over the years the system has become increasingly complex, supported by a mass of legislation, Orders, Regulations, VAT notices, Tribunal decisions and European Court of Justice rulings.
And to make matters worse there is in place a regime of penalties and interest charges that, while intended to be a deterrent, apply also to innocent errors.
Unfortunately, VAT is often not considered until it is too late and sometimes it is not considered at all! In these circumstances ignorance is certainly not bliss - neither is it an excuse (to which the findings of numerous Tribunals will testify)!
A decision made without reference to VAT can have enormous financial consequences and some businesses will, unfortunately, not survive; they will pay the ultimate price for burying their heads in the sand.
It is not practical on these pages to discuss in detail the areas where Business Support could become involved on your behalf but a look at our Menu of Services will give you some idea of the breadth of our VAT service; when and how to register, the preparation of Returns, partial exemption calculations, land and property transactions, VAT assessment reviews, deregistration etc.
We are, of course, happy to support businesses on an ongoing basis (e.g. by completing their monthly, quarterly or annual VAT Returns) but, equally, we can advise on 'one-off' matters, e.g. late registration, correcting significant under or over declarations of VAT, appealing against an assessment received following an inspection or reclaiming the VAT you have incurred in the building of your own house.
If you have a query, either general or specific, please contact us and we will endeavour to reply to you in plain, understandable, English! (Image quotation taken from preface to Tolley's Practical Guide to VAT Planning)