VAT is a transaction tax. As such, the VAT liability for each transaction must be considered before agreeing terms with a customer or entering into a transaction. Harsher penalties now exist for not applying the correct VAT treatment, or miscalculating your VAT returns.
Certain sectors will have difficult VAT liability issues to resolve. Examples of some of these sectors will be the financial and insurance sectors, those involved in the provision of electronically supplied services, charities and non-profit making organisations, the health and welfare sectors, and entities involved in the construction and buying and selling of land and property.
We provide assistance to maximise your or your clients' VAT position to ensure compliance and VAT efficiency. Examples here will be in respect of the purchase of property interests by charities or not-for-profit organisations, transfers of going concerns, and international supplies of goods or services.