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That means giving taxes such as VAT the extra special attention they deserve and paying them correctly . Compliance and ensuring that our clients are getting things right takes up a good deal of our focus , especially as HMRC is encouraging businesses to be ‘ self-compliant ’. It ’ s inefficient for HMRC to be checking that filing is done correctly , but this places the onus on businesses .
VAT can often be a ‘ forgotten ’ tax , compared to the likes of corporation tax for example , and if handled incorrectly can be at best costly , and for smaller clients sometimes disastrous . But , in many instances , being compliant and registering for VAT can be financially beneficial , provided companies are completing processes accurately , whilst not paying tax unnecessarily , or erroneously . This is where working with a specialist can add great value .
I think it ’ s also fair to say that VAT – and
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the often complex terminology involved – goes over a lot of people ’ s heads , when there are other areas of a business that demand attention . So , we aim to give businesses a better understanding of their finances and clearly communicate with them using jargonfree language that is easily understood and , more important , can be acted upon .
VAT recovery is another focus for us . Whether it ’ s a small charity , education or healthcare provider , to a large investment bank , and lots in between , we can add enormous value by reducing the amount of irrecoverable VAT which would constitute a cost to a business . This might mean , for instance , rearranging their affairs so that they can reclaim more VAT or in some instances restructuring so they don ’ t incur it in the first place .
We ’ re also experiencing a hangover from Brexit with some British companies still
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falling foul of the registration requirements in Europe . Any business which trades in Europe is required to be registered there but there is still much uncertainty around the process . Indeed , many businesses have been absorbing foreign VAT and not claiming it because they haven ’ t been able to work out how best to structure their transactions .
At Monahans , we have a huge range of clients , from self-employed individuals all the way up to multi million pound corporations , and each of their VAT needs are different . What might be viewed as a trivial sum to a large corporation will be a significant amount to a sole-trader , and our services are tailored accordingly .
In short , VAT has to be complied with , but that doesn ’ t mean that businesses should be paying more than their fair share . For some clients , we will complete a simple ‘ health check ’ whilst they have their audits
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completed , fixing any issues or simply providing reassurance that they have got it right . For others , their needs may be more complex , but everyone has a right to manage their affairs in such a way that keeps their taxes under control , and we ’ re here to help businesses to do that . We always have the client ’ s best interests at heart and will work to find the best possible outcome .
If you need support navigating VAT , get in touch today – I , or a member of the Monahans team , will be more than happy to help with any query you may have .
Email : adam . lloyd @ monahans . co . uk
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