VAT is a complex and continuously evolving tax regime that many organisations find difficult to understand.

For small businesses, VAT can be particularly confusing as when you first start in business or have a relatively low turnover, you’re not required to register for VAT. As your business grows, and your annual sales of taxable goods and services reach the annual VAT threshold (currently £85,000) set by the Government, or you expect a taxable turnover of more than this limit in the next 30 days, you will be required to register for VAT.

This simply means you need to charge your customers VAT, and good news –  it also means you can reclaim any VAT you pay, therefore reducing your costs.

When it comes to the ins and outs, thankfully, here at LWA we are experts in all things VAT – whether it is an old or new project, we can help you to avoid those dreaded VAT pitfalls and stay one step ahead at all times. Particularly, if the project is brand new, we can work with you right from the start to ensure all elements of the project are implemented in the most VAT efficient manner, to avoid any nasty surprises in the future.

Furthermore, we can help you to understand the notoriously tricky area of land and property VAT. You may require specialist advice and support if any of the following apply to your transaction;

  • Waiver of exemption
  • Standard rate
  • 5% rate
  • Zero rate
  • Option to tax

This specific area of expertise is continuously proving extremely valuable to our clients and could to you too.

Whatever the size of your business, unfortunately there will always be VAT issues requiring guidance, but that’s where the LWA team and our expertise come in. Both our Warrington and Manchester teams are on hand to support you in all aspects of VAT, to let you focus on the smooth running of your business, so get in touch today to learn more.