VAT is a Balancing Act…
The basic concept is that on most purchases a business will pay VAT and on its sales it will charge VAT. VAT on purchases is reclaimed from HMRC and VAT on sales is payable.
It sounds simple however, as with anything in the accounting world, this is not the case and there are numerous rules and regulations which must be followed.
Hamilton Blake are in a unique position as we have tax experts in house to make sure that your business does not fall foul of the laws surrounding VAT.
We are able to help with the everyday VAT return right through to the more complex issues such as offshore projects, property building projects, opting to tax and everything in between.
Except in the case of one off projects we normally build the cost of quarterly VAT returns into the annual accounting package fee so there are no surprise bills throughout the year.