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VAT
Value Added Tax (VAT) is a tax that must be paid when purchasing services or goods.
At Banks & Co we can help you through the whole VAT process, including:
- Preparation and submission of your VAT returns
- VAT registration
- Guidance and advice on VAT rates changes
All businesses that have an average turnover during the past 12 months of more than £90,000 must register under the VAT regulations and add output tax to all the products and services that they sell. Input VAT that has been applied to the goods and services that the business has purchased.
Payments are made to HM Customs and Excise of the net outputs less allowable inputs, and sometimes repayments, are made following the completion of the regular returns.
We can help prepare the return for your approval prior to submission.
VAT Consultancy
The VAT regulations are extensive. Our experts are able to advise and assist you with their interpretation and application of the details within the legislation.
We can also advise in response to questions or enquiries raised by HM Customs and Excise.
Our staff can make sure you maximise your exemptions while demystifying the complex world of capital gains tax, whether you're considering investments, a second home, or another asset.
Every year, corporation tax rates and reliefs vary, so we make sure we can offer all the necessary assistance and advice when examining potential exemptions, allowances, and deductions. In order to make sure you are in compliance and avoid fines, we will carefully evaluate and produce corporate tax filings.
Whether you're considering investments, a second home, or another item, our staff can make sure you maximise your exemptions while demystifying the complex world of capital gains tax.
We can help walk you through the complicated subject of personal taxation, we are aware that it can be challenging to grasp, therefore we support you every step of the way. By developing a tax planning approach that works for your tax situation and helps ensure you pay the least amount of tax, we eliminate the time and worry involved. Our staff will provide guidance on when payments are due in addition to what paperwork must be submitted and returned in order to maintain compliance.
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Latest news from [Company name]
HMRC have proposed a new criminal offence for making reckless, untrue statements or declarations about what's known as 'direct taxes' - Income Tax, National Insurance and the like. For Customs and Excise and VAT ('indirect taxes'), it is already possible to prosecute individuals who make untrue statements or submit incorrect documents either knowingly or recklessly, without the need to prove dishonesty. The penalties for such offences can be severe, including substantial fines and imprisonment. The direct tax regime does not currently contain an equivalent offence.
