VAT Services
we specialize in offering comprehensive VAT (Value Added Tax) services to help UK businesses stay compliant with HMRC regulations and optimize their VAT position. Whether you're a small business, an SME, or a large corporation, we provide expert advice and support on VAT planning, registration, filing, and administration, tailored to your business needs.
VAT can be a complex area of taxation, but our team of VAT experts will help ensure you navigate the intricacies of the VAT system with confidence, saving you time, reducing risk, and making sure you're taking full advantage of VAT reliefs and schemes available to your business.
Why Choose Our VAT Services?
VAT is one of the most important taxes for UK businesses, and the rules surrounding VAT can change frequently. We provide VAT services that cover everything from initial VAT registration to VAT compliance, filing, and strategic advice. Our goal is to help you manage your VAT obligations efficiently and minimize any VAT-related risks.
Our VAT Services
We offer a wide range of VAT services to cater to businesses of all sizes. Our services include:
1. VAT Registration and Deregistration
If your business has reached the VAT registration threshold or is making taxable supplies, you are required to register for VAT with HMRC. We guide you through the registration process and help you understand the legal requirements. If your business is no longer required to be VAT-registered, we can also assist with the deregistration process.
We assist with:
VAT registration for new businesses
VAT deregistration when no longer required
Advising on voluntary VAT registration
2. VAT Returns and Filing
Filing VAT returns accurately and on time is essential to avoid penalties and interest charges. Our VAT experts will prepare and file your VAT returns on your behalf, ensuring compliance with HMRC regulations. We’ll ensure that all transactions are accounted for correctly, and the correct amount of VAT is paid or reclaimed.
Our VAT return services include:
Monthly, quarterly, or annual VAT return preparation
Electronic filing of VAT returns with HMRC
Ensuring that the correct VAT rates are applied
Ensuring that all input and output VAT is accounted for
Advising on VAT refunds and reclaiming VAT
3. VAT Advice and Planning
We provide proactive VAT advice to help you manage your VAT liabilities, structure your business to minimize VAT exposure, and optimize your cash flow. Whether it’s VAT on international transactions, complex supplies, or VAT planning strategies, our VAT consultants provide tailored advice to ensure your business is making the most efficient use of VAT reliefs and allowances.
Our VAT advisory services include:
VAT planning and optimization
Advice on VAT reliefs, exemptions, and special schemes
Advice on VAT on cross-border transactions (e.g., EU, global)
Guidance on VAT on complex transactions (e.g., property transactions, digital services)
4. VAT Audits and Compliance Reviews
HMRC regularly carries out VAT audits, and errors in VAT reporting can result in penalties and fines. We conduct detailed VAT compliance reviews and audits to ensure your business is fully compliant with HMRC rules and regulations. We can also assist you in case of an HMRC investigation, helping you resolve any disputes with HMRC efficiently.
Our VAT audit services include:
VAT compliance reviews and audits
Identifying and correcting VAT errors
Resolving disputes with HMRC
Managing VAT investigations and inspections
Ensuring your business complies with all current VAT regulations
5. VAT Schemes
The UK offers several VAT schemes designed to simplify VAT accounting for businesses. Depending on your business type, size, and turnover, certain schemes may be more beneficial for you. We can help you select and implement the right VAT scheme, ensuring that you benefit from reduced administrative burdens and potentially lower VAT liabilities.
Common VAT Schemes:
Flat Rate Scheme: The Flat Rate Scheme allows businesses with a turnover of less than £150,000 to pay VAT at a fixed percentage of their turnover rather than calculating VAT on each individual sale and purchase. This scheme simplifies VAT reporting but may not always result in the best outcome for every business. We’ll help you assess if this scheme is right for you.
Annual Accounting Scheme: This scheme is available to businesses with an estimated VAT taxable turnover of £1.35 million or less. Under the Annual Accounting Scheme, businesses make monthly or quarterly payments towards their VAT liability and submit only one VAT return annually, which can help improve cash flow management.
Cash Accounting Scheme: The Cash Accounting Scheme allows businesses with a turnover of less than £1.35 million to account for VAT based on cash received or paid rather than invoices issued. This can be particularly useful for businesses that deal with customers on credit or have a long credit cycle.
Retail Scheme: The Retail Scheme is for businesses in the retail sector, such as shops, restaurants, or cafés. This scheme simplifies VAT accounting by using a percentage of daily takings rather than needing to account for each transaction individually. It’s available to businesses with retail sales of up to £150,000.
Margin Schemes (Second-Hand Goods, Art, Antiques, and Collectables): If you deal in second-hand goods, art, antiques, or collectables, you may be eligible for a Margin Scheme, where VAT is calculated only on the difference between the sale and purchase price, rather than the full sale price. This scheme helps reduce VAT liability on sales of goods with low margins.
6. International VAT Advice
If your business is involved in international trade, you’ll need to understand the VAT implications of cross-border transactions. We provide expert advice on VAT for international business, including the VAT treatment of goods and services sold within the EU and beyond, import/export VAT, and dealing with foreign VAT systems.
Our international VAT services include:
VAT on cross-border trade (EU and non-EU)
Intra-community acquisitions and dispatches
International VAT recovery
Import VAT and customs duty advice
7. VAT on Property Transactions
VAT can have significant implications on property transactions, whether buying, selling, or leasing commercial property. We can help you navigate the complexities of VAT on property transactions, ensuring that you avoid potential pitfalls and optimize your VAT position.
Our property VAT services include:
VAT on property sales and purchases
Advice on VAT registration for property businesses
VAT treatment of leases and rents
Land and property exemptions and reliefs (e.g., VAT on residential property)
Key VAT Rates in the UK
Standard Rate (20%): The standard rate of VAT is applied to most goods and services in the UK.
Reduced Rate (5%): A reduced VAT rate of 5% applies to certain goods and services, including home energy and children’s car seats.
Zero Rate (0%): Some goods and services are subject to a zero rate of VAT, meaning they are VAT-exempt but still allow you to reclaim VAT on related expenses. This includes food, books, and public transport.
Exempt: Certain goods and services are exempt from VAT altogether, including insurance, postage stamps, and certain types of education and healthcare services.
Outside the Scope: Some transactions, such as certain financial services, are outside the scope of VAT.
Why Work With Us?
Expert Guidance: Our team of VAT specialists has in-depth knowledge of the latest VAT laws and schemes, ensuring that your business remains compliant while minimizing VAT liabilities.
Tailored Solutions: We offer VAT solutions that are tailored to the specific needs of your business, from small startups to large enterprises.
Efficient VAT Management: We simplify VAT administration, ensuring that VAT returns are filed on time and your business is always in compliance with HMRC requirements.
Maximized VAT Savings: Our experienced team will identify opportunities to reduce your VAT liabilities, helping you optimize cash flow and reduce costs.
Get in Touch Today
If you need help with VAT registration, filing, or any aspect of VAT management, contact 11Consultancy today. Our VAT experts are here to help you navigate the complexities of VAT and ensure your business is fully compliant with UK tax laws.