ADDING VALUE AND DEALING WITH VAT RISK FOR ACADEMIES
Helen Channer
3 minute read
VAT SERVICES
UK VAT legislation and regulations are notoriously complex, and few businesses have in-house VAT specialists. It’s no surprise that HMRC are raising an increasing number of VAT assessments and penalties every year.
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HOW WE CAN HELP
Our core business focuses on specialist VAT compliance and VAT consultancy. We’ll work with you closely to form a real understanding of your business, looking into the detail behind any transaction and adding significant value throughout the various phases of a project.
VAT gets everywhere and can have major implications for your business. It gets even more complicated if you’re a charity or not-for-profit. Partial exemption rules make things even more complicated. And they’re subject to change.
We’ve helped with everything from:
- Non-VAT registered holding companies that are carrying on taxable activities.
- Capital goods scheme obligations on real estate portfolios.
- VAT arrangements for company car portfolios and the link to HP, leasing and business vs personal use.
- Correcting where companies haven’t made use of lowest rate of VAT available (refund claimed).
- Helped where businesses have simply got it wrong. Whether that’s claiming VAT on business entertainment using the wrong VAT rate on multiple transactions or input tax over claims in relation to for example leased cars.
- We can make sure you don’t get caught out with any nasty VAT surprises.
When it comes to VAT you need to remember that it’s a transactional tax. VAT errors occur in almost every business. Often these are not major errors but the danger with VAT is it can cause ongoing issues. An error can be repeated and compounded with every transaction your business carries out.
Getting it wrong can make you vulnerable to HMRC penalties.
HMRC expects businesses to pay due care and attention to the VAT rules. Whilst HMRC says it doesn’t view penalties as an additional revenue stream, that’s not always reflected in the behaviour of frontline staff.
Penalties for VAT errors are based on the conduct that led to the error occurring. If a business has made an error but has taken ‘reasonable care’, no penalty will be due.
Specialist Compliance and Consultancy
Our core business focuses on specialist VAT compliance and consultancy. We’ll work with you closely to form a real understanding of your business, looking into the detail behind any transaction and adding significant value throughout the various phases of a project.
VAT Services
VAT Advisory
We’ll work with you to mitigate the VAT cost and administrative burden associated with material capital transactions. This includes your estate strategy, your Mergers & Acquisitions (M&A) activity, property transactions and your outsourcing plans.
VAT Compliance Services
From basic support and checking of pre-prepared returns, right through to the full outsourcing of your VAT compliance function – working with our team will give you complete peace of mind.
VAT Litigation and Dispute Resolution
Our VAT team have a strong, long-standing relationship with HMRC. And we’ve got a huge amount of experience in resolving VAT disputes in a collaborative, cost-efficient manner – giving you the peace of mind to stay focused on your business and its growth.
Senior Accounting Officer (SAO) regime
We’ll help you with an end-to-end independent review of your internal processes for Senior Accounting Officer (SAO) compliance purposes. We’ll talk you through any risks, and together we’ll overcome the unique challenges this regime can present.
Insights, Technology and Training
We offer market leading products and support to future proof your VAT function. Our solutions give you centralised visibility over global indirect tax obligations, trend analysis, error detection, tailored checks and analytics, and end-to-end process simplification.
Indirect Tax
International Supply Chain
We understand the complexities that come with trading overseas. We can help you conduct a thorough supply chain review keeping you compliant and efficient.
Plastic Packaging Tax
Comes into force April 2022. The tax applies to company’s that manufacture plastic packaging or import plastic packaging into the UK and the plastic packaging contains less than 30% recycled plastic, it even includes packaging that is already filled.
Stamp Duty Land Tax (SDLT)
Customs Duties
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Damian Shirley
VAT Partner
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Reviews
GREG, JUNE 24
“Pragmatic, balanced audits delivered on time and on budget. Thank you!”
“Pleased to be of service, great working with you.”
MATTHEW, JUNE 24
“Professional service. Good communications.”
“Happy to hear it :-) ”
JAMES, JUNE 24
“Results in line with expectations – from a cash perspective lower than hoped but I feel CP helped us get the max for the spend we had.”
“We'll always do our best for you James! ”
TOM, JUNE 24
“The audit team are very easy to deal with and take a common sense approach which helps to make the audit process as pain free as possible. The staff are always friendly yet professional. Any queries and requests raised are always sensible and valid. The fees are also competitive.”
“Absolutely stoked with this feedback Tom - as pain-free as an audit can be :-) ”
MARTA, JUNE 24
“An improvement from last year, weekly catch ups definitely helped to mange the workflows.”
“We hope to keep improving for you Marta.”
RACHAEL, JUNE 24
“I feel I have a great relationship with David, and we understand each other. We have between us, had a great year end and was very happy how we completed the accounts..”
“Thanks so much for your feedback Rachael - David is chuffed to hear it too.”
MARCUS, JUNE 24
“Very supportive as we have brought the audit forward this year. Technical guidance is relevant and timely. Tax support well rounded across all relevant areas.”
“We're delighted to hear this :-) Happy you appreciated all of our support.”
ANDY, JUNE 24
“CP team have been approachable, knowledgeable and fun to work with. Improvements? Perhaps a few more blogs/technical updates.”
“You've been fun to work with too Andy! Thanks for the suggestion on blogs - we'll take that on board.”
KATE, JUNE 24
“Good communication, timely input, available when we need you..”
“Lovely feedback, thanks so much for taking the time to reply.”
JAMES, JUNE 24
“The first audit has been performed efficiently with excellent communication and without any issues of note.”
“Super happy to hear your first audit went smoothly James.”
