VAT advisory

VAT rules are complex and the implications are often not considered until too late. We believe that VAT planning requires in-depth specialist knowledge, as even the most conscientious can get caught out, which can be costly.

VAT advisory services

Our dedicated VAT team will help you to consider the full impact of VAT through all stages of your business, from considering a new activity, through to acquisitions, overseas expansion and disposal of part of the business.

We will help you to plan robustly, minimise your exposure and optimise your cash flow position. Our specialist services include:

  • Planning to identify correct VAT treatment of activities.
  • Identifying areas of risk through compliance health check.
  • Negotiating with HMRC in disputes to reduce liabilities and agree payment terms.
  • Assisting with inspections, registrations and address reporting requirements.
  • Liaising with legal advisors in respect of property transactions.

Customs and Excise Duty

Trading overseas can be overwhelming and complex. To help businesses to reduce their risks, our team of advisers can provide support, not only with VAT compliance, but also meeting their Customs’ requirements.

As a member of HLB International, Menzies has access to a global network of firms and is able to provide local VAT and Duty information from around the globe.

Brighter Thinking VAT case study

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Could good VAT house keeping save you money?

A recent tax tribunal case has highlighted the need to ‘dot the I’s and cross the T’s’ following an incorporation of a business.

A sole trader had a lease with his local council, on which he was being charged VAT. After incorporating the business into a limited company and registering the company for VAT, he continued to claim VAT based on invoices issued to him personally.

A VAT inspection highlighted the issue and VAT on the rent was disallowed as the company did not have VAT invoices properly addressed to it nor was the lease agreement in the name of the company.

When a business is incorporated, there is a change in legal entity or there is any name change, it is important to ensure that contracts are updated to the new entity or in the new name so that invoices are correctly addressed and VAT ‘belongs’ to the right legal person. HMRC do not have to accept that VAT can be claimed, even if overall there is no loss of VAT to the Revenue. Similarly, business insurance, purchase and sale contracts and asset leases should be reviewed and updated where necessary to reflect changes.

Contact Menzies VAT team

Please contact a member of our team to arrange a no obligation initial consultation or to speak to a partner or for more information about the services we offer please contact one of the Menzies LLP offices or complete our contact from below.