VAT Advice in Ayr and the surrounding area

VAT Advice in Ayr IDS + Co

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.