VAT

We recently conducted a strategy session with a client who was feeling overwhelmed, anxious, and uncertain about his financial situation. He already had substantial liabilities from previous self-assessments, which were under HMRC payment plans.

Although he had also arranged a payment plan for his VAT, he had fallen behind on the last two quarters’ VAT payments. On top of that, he faced an impending £30,000 corporation tax bill, with no clear idea of how to manage his finances.

A prospective client approached us, frustrated with their current accountant and bookkeepers. They suspected that transactions weren’t being processed correctly and that categorisations were inaccurate.

As part of our onboarding process, we conducted a thorough historical transaction review to identify and correct any misclassifications. Our investigation revealed that rental payments had never been categorised correctly, resulting in missed VAT claims.

Navigating the complexities of VAT can be a daunting task for any business owner. As one of the most significant areas of tax law in the UK, VAT demands a solid understanding to ensure compliance and efficient tax management. This guide will walk you through the essentials and help you tackle common VAT-related queries. If you find yourself uncertain about any aspect of VAT, remember that expert advice is just a call away.  Contact Chadwicks on: 01789 773 182

What is VAT?