VAT Services
At WR Partners, we can help you with a wide variety of VAT related topics. We can compile and submit VAT returns on your behalf, or we can complete them and return them to you for submission. For the more VAT confident businesses, we can review returns that you have completed before they are submitted to HMRC.
VAT for Business
VAT is a self-assessed tax. It is the responsibility of the VAT registered business to submit their VAT returns with the correct information. But it should be noted that HMRC operate a penalty system for when these returns are not accurate.
VAT for Self Employed
VAT was once described as a simple tax! In reality, VAT can be a complex area, with certain requirements imposed by HMRC.
Here at WR Partners, we can take away the uncertainty and worry by either compiling your VAT returns from your business records or by reviewing the VAT returns that you have completed. We can also provide advice and guidance on a wide range of VAT topics or on how to structure your business to maximise your VAT efficiency.
VAT for People
Are you thinking about setting up your own business? Or, do you already run your own business? WR Partners can provide advice and guidance on the pros and cons of being VAT registered, the process of applying for VAT registration, and what is required by HMRC from VAT registered businesses.
We can also provide advice on a whole range of VAT related topics including partial exemption and opting to tax.
Our VAT Services
Compilation of VAT returns
Submission of VAT returns
Business VAT Review - Review of business records to confirm VAT is being declared correctly
Technical VAT Advice on specific situations
Partial Exemption Review – A review of your partial exemption calculations to ensure they are accurate. Alternatively, we can complete partial exemption calculations from your business records.
Corresponding with HMRC about VAT inspections or ad hoc queries.
Our Business VAT Review
Over the last few years, HMRC have side-lined many VAT review and issues within businesses so their teams can focus on Covid relief.
Our VAT business review can help you to save time and money by reviewing business records to confirm VAT is being declared correctly.
Book a discovery call with our VAT expert to understand your requirements and to book your visit.
VAT Overview
At WR Partners, we can help you with a wide variety of VAT related topics.
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From 01/04/2022 the VAT registration limit is set as £85,000.
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The current de-registration limit is £83,000.
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From 01/04/2022, all VAT registered businesses must keep their records digitally and file their VAT returns to HMRC online.
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VAT returns are generally submitted on a quarterly basis, although some business can opt to submit monthly VAT returns, or annual VAT returns.
Meet Our VAT Expert
Alexandra Hyde, VAT Consultant
WR Partners have a dedicated VAT Consultant to provide advice and support to their clients on all VAT related matters. For almost twenty years, Alix Hyde was a VAT Officer with HMRC and so has an in-depth knowledge of the VAT inspection process, common errors that are made, and specific areas that are of interest to HMRC. Alix can use her expertise and experience to ensure that your business meets its VAT obligations, whilst maximising efficiency and minimising your VAT burden.
Would you like to learn more about our services?
VAT FAQs
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As a VAT registered business you can recover the VAT that you have paid out on goods and expenses that directly relate to the taxable supplies made by your business. You must hold a valid VAT invoice to support each claim made.
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The VAT threshold has remained at £85,000 since 01 April 2017. This may well increase in the future and when it does WR Partners will communicate this to their clients swiftly.
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No, VAT (Value Added Tax) is just one of a number of taxes. VAT is a tax on purchases. It is charged by a VAT registered business and paid by their customer. It is the responsibility of the VAT registered business to declare the VAT on their supplies to HMRC. There are three different rates of VAT – standard rated (20%), reduced rated (5%) and zero-rated (0%). There are also supplies which are exempt from VAT, or outside the scope of UK VAT. WR Partners can provide advice on the vat liability which will apply to the supplies that you make.
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The VAT collected by HMRC is used by the government to pay for essential public services including health, social care and education. The VAT rules apply to everyone, you cannot ‘opt out’ if your business trades above the VAT threshold. You can, however, ‘opt in’, if you trade below the VAT threshold, and the supplies you make would be classed as taxable supplies.
There are some benefits to registering for VAT voluntarily. If you are interested in this area, WR Partners can provide advice and guidance.
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Certain supplies are classed as VAT exempt. This means that VAT is not charged on these supplies, but it also means that VAT cannot be recovered on purchases made relating to these supplies. Examples of exempt supplies include domestic property rental, insurance, and financial services. Some businesses may make a mixture of taxable and exempt supplies. These are classed as ‘partially exempt’ businesses. They are required to undertake a partial exemption calculation each quarter in order to determine the level of input tax that they are entitled to recover from HMRC.
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Some businesses will be in the position that the level of input tax that they can recover from HMRC will be higher than the level of VAT that they must pay to HMRC on the supplies that they have made. This will often be the case for businesses who make zero-rated supplies, such as the sale of books or of children’s clothes. This will also be the case where a business incurs expense on a one-off high value item. In these situations, HMRC will make a payment to the business which is equal to the difference between the output tax they must pay and the input tax that they can recover.
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VAT is calculated by multiplying the net sale price by the relevant VAT rate percentage (currently 20%, 5% or 0%). If an item is sold at a VAT inclusive price, then the total cost of the item will be multiplied by the VAT fraction, either 1/6 (for 20% standard rated VAT) or 1/21 (for 5% reduced rated VAT). There is obviously no VAT to calculate for zero-rated items.
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If you are a VAT registered business, incurring expenses in making taxable supplies, you can claim the VAT element of these purchases back from HMRC on the condition that you hold a valid VAT invoice to support each claim. You cannot reclaim VAT on items purchased for personal use, or on items on which VAT was not charged.
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You should not avoid paying any tax that is due to HMRC. WR Partners can review your business records and recommend efficiency savings and legal ways in which to minimise your VAT burden.
Our Offices
We have 6 offices across England and Wales that offer expert VAT advice for all your business and personal needs. You are welcome to visit or contact the office closest to you online or in-person to learn about the services we can provide for you.