VAT is, in essence, a simple tax. However, special rules can apply to small businesses which may serve to reduce their administration burden and their VAT bill. Certain businesses can take advantage of schemes where VAT is only paid on profit margins.
Where a business sells a mixture of vatable and non-vatable items, the partial exemption rules may apply. In respect of buildings and construction, there are many unusual and different rules. These issues contribute to the complexity of VAT. We provide advice on all areas of VAT, as well as assisting clients in preparing their VAT returns.
If you would like to talk to us about this service, please contact us for more information.