VAT

VAT is a complex area of taxation with many potential pitfalls. WMT VAT services will help you avoid costly mistakes and recover all VAT you are entitled to. With our in-depth understanding of your business or organisation, we anticipate risks and identify opportunities to make the most out of your VAT position.

Our comprehensive VAT service offering covers the following areas:

Transactional VAT advice

Day-to-day VAT assistance to help you with your bookkeeping and optimise your cash flow.

VAT registration and deregistration;
Completing your VAT return or reviewing your VAT return before you file it;
Advice on when to pay VAT;
Bad debt relief;
Checking VAT liability on supplies made.

Partial exemption

Businesses that produce both taxable and exempt supplies are partly exempt for VAT purposes. We advise you how to account for taxable and exempt production costs and calculate the tax that is recoverable on your exempt income, so that you recover just the right amount. We also assess if alternative methods of VAT recovery would improve your VAT position.

VAT planning

We help you structure your transactions to ensure you pay minimum amount of VAT without damaging your reputation with HMRC.

VAT reviews

All VAT registered businesses will occasionally be subjected to inspections. You can minimise the risk of penalties with our VAT advice and review service which provides an independent assessment of your VAT liability. We will provide you with a detailed report highlighting areas of concern and opportunities for potential VAT savings and discuss how you can implement our recommendations.

Disputes prevention and resolutions

We help you prevent problems with HMRC by reviewing transactions before they are completed and ensuring all the required VAT documentation is in place.

Non-statutory clearance can be extremely useful for complex VAT issues. It is a written opinion from HMRC on a point of legal uncertainty. We will structure your clearance in a way that helps you get a plausible answer.

Reconsideration can be requested if HMRC’s view on a matter appears to be incorrect. We provide expert assistance on drafting a reconsideration request and proposing a more favourable interpretation.

Alternative dispute resolution (ADR) – is an opportunity to settle a dispute more quickly and at less cost for both parties. It is available in certain cases and we can provide a fully trained mediator to assist in the process.

VAT tribunals – the legal steps involved in appealing to a VAT tribunal are very complex and we are at hand to assist by advising you as well as acting as an agent in the process.

Risk management for VAT

Well planned risk management is crucial, as it reduces the risk of errors and the resulting penalties and charges. It addresses areas such as:

When advice needs to be sought;
How review procedures are recorded;
How staff are recruited and trained;
How to deal with unexpected events, such as the sudden illness of a key staff member;
When to seek HMRC clearance.