VAT Advice in Ayr and the surrounding area
VAT is a tax chargeable on taxable supplies made in the UK by taxable persons. Credit is given for tax paid to other businesses and the net balance is payable or reclaimable - normally on a quarterly basis.
VAT law applies to all types of supply of goods or services (known as 'outputs'), whether of a revenue or capital nature, including sale, hire, or loan of goods. Outputs generally falls into one of the following four categories:
- Positive rated - taxable at 20% or 5%
- Zero rated - including socially or economically important items, e.g. exports, most food, books, newspapers, public transport, drugs on prescription, children's clothing
- Exempt supplies - property transactions generally fall into this category
- Some receipts are outside the scope of VAT, e.g. dividends, shares of profit compensation for losses, certain non UK supplies
At IDS + Co our professional team of tax advisers offer a wide range of VAT services and can advise on the following:
- Registering for VAT in the UK and across the EU
- Maintaining proper VAT records
- VAT and partially exempt organisations
- Completing VAT returns
- VAT healthchecks
- VAT and Charities
- VAT investigations
- The various VAT schemes that are available, for example retail schemes and the flat rate scheme
Please contact us if you need VAT advice in Ayr or the surrounding area.