Services


V.A.T.


Value Added Tax is a tax on supplies of goods and services. The majority of these are taxed at the standard VAT rate of 20% in the UK but others, such as books and newspapers, food sold in shops and some services connected with housing, health and education, are zero rated. The rate for domestic fuel and power is currently 5%.Calculating


A supply made by one business to another in a different member state of the European Community is usually liable for VAT in the customer’s country. Supplies made from the EC to customers outside are, however, free from VAT.


There are times when careful planning can achieve relief from VAT whilst ensuring that the various rules and regulations are complied with. If your business is just starting, it is unlikely you will need to register with Customs and Excise straight away. When the value of taxable supplies reaches a set amount in a consecutive rolling period of 12 months, application becomes compulsory. It is essential that registration deadlines are met in order to avoid the levy of penalties.


There are still ways of easing the administrative burden of VAT even if it is not possible to escape registration and, in some cases, it is beneficial to register even though there is no legal requirement to do so. Sayers Butterworth LLP has long experience in knowing and understanding how VAT works, its pitfalls and the benefits associated with early planning.


For years we have identified how VAT impacts upon all types of business and are always looking for areas where costs can be reduced and savings made. If you feel your business could benefit from our expertise in this area, or you simply need more information on other aspects of VAT, please contact Martin Dunne.



 

 





 

 


In the News

Budget 2012

The Chancellor has confirmed that this year's Budget statement will be made on Wednesday 21 March.

VAT Online Filing

This becomes compulsory from 1 April 2012 and payment of VAT must be made by electronic means. Cheques will no longer be accepted.

Compulsory Pensions

In 2012 automatic enrolment into a pension scheme is due to come into force. On average, it will cost small businesses an extra £2,550 per year.

Budget 2011

You can still access our in-house 2011 Budget guide and commentary by clicking the link here. We welcome any feedback or questions you may have to enable us to improve our services.

Features

Deadline Diary

The next important diary date is 31 January when 2011 Tax Returns have to be submitted to HMRC to avoid an automatic £100 late filing penalty. Payments of tax are also required by this date. Do get in touch if you need any help.

Rates & Allowances

Click here to download a PDF file with the latest figures.