- Portfolio management
- Property management
- Self Assessments
- Tax Planning
VAT is a standardised tax that most businesses and individuals must contribute towards. It stands for Value Added Tax, and as the name suggests, it’s collected any time value is added to a product or service. The VAT paid goes towards Her Majesty’s Revenue & Customs (HMRC) when they sell or hire out goods or services. There are some exceptions, such as sales outside the UK. However, for many businesses, VAT applies to every sale.
Understanding VAT can be complicated especially if you’re a business owner. This blog includes an explanation of what VAT is, the rate of VAT and points to ensure your VAT return suffices HMRC standards. If you’re a business owner, this guide is perfect for you.
By law, every charitable company must prepare a set of accounts and a trustees’ annual report. Accounts and reports aim to provide a clear image of your charities activities and financial position. The trustees’ annual report is also where you can show off the work you do to the public and to funding bodies.
These requirements may seem overwhelming to a smaller charity, it doesn’t have to be, and outlining your aims and activities clearly can assist you in managing your finances well, and ensure your organisation is more effective.
Are you thinking of building your own house? Well you can now reclaim the VAT.
You can apply to HMRC for a VAT refund on building materials and services if you are building a new home, or converting a property into a home. In order to qualify, the home must be separate and self-contained, be for you or your family to live or holiday in, and not be for business purposes (although you can use one room as a work from home office). Builders working on new buildings should zero rate their work anyway and you won’t pay any VAT on their services.