Value Added Tax (VAT) is a self-assessment tax that can be onerous for businesses. With an onus on the taxpayer to get it right first time, underpinned by a punitive penalties regime if you get it wrong, VAT compliance can be worrying and time consuming for SMEs and owner-managed businesses. Not only is the UK aspect complex, there is the added angle of reporting with other EU countries and beyond.
VAT has many complex areas and very particular rules on areas such as property, mixed trading businesses / partial exemption, charities, exempt supplies, and group reliefs, to name but a few. With legislation determined by both the UK Government and the EU Parliament, there can be some costly pitfalls to be wary of.
At Wylie & Bisset we have a highly experienced and 100% dedicated VAT team that can advise on any aspect of this specialist area. We seek to provide value for money advice in an efficient and effective manner, and have a strong reputation and working relationship with HMRC.
So whether your query stems from advice on starting out in business or a complex transaction, we have it covered.