When running a business, handling Value Added Tax (VAT) can be a daunting task. From understanding the complexities of tax laws to ensuring compliance with VAT regulations, there are many factors at play that could potentially trip up even the savviest business owner. Enter VAT consultancy services offered by a good accountancy firm. These professionals specialise in managing VAT matters, ultimately ensuring your business remains in good financial health.
In this article, we will unpack what VAT consultancy services can do for you.
Broad Client Base Catering to Unique Needs
A good accountancy firm caters to a broad spectrum of clients. Whether you’re a self-employed individual or run a corporation worth £100 million, a professional VAT consultancy service tailors its offerings to suit your specific needs. The goal is simple: to manage your business affairs effectively and ensure you don’t lose money due to irrecoverable VAT.
Navigating the VAT Compliance Maze
One of the main roles of an accountancy firm specialising in VAT consultancy is to ensure your business is VAT compliant. They are responsible for making sure you don’t pay taxes unnecessarily or due to errors. They can also assist you if you’re unable to recover the VAT you’ve incurred, a problem faced by entities ranging from small charities to large investment banks.
A Helping Hand in Critical Areas
Where VAT consultancy services truly shine is in providing crucial support in areas that can often be complicated and riddled with potential VAT pitfalls. They offer advice on property and corporate finance transactions, which often involve substantial amounts of money. Moreover, in the aftermath of Brexit, these professionals have been instrumental in supporting British companies needing to register in Europe or to claim foreign VAT.
Putting Clients First
An accountancy firm that values its clients’ best interests is one you can trust to handle your VAT needs. From conducting ‘health checks’ during audits to fixing issues or simply providing reassurance of correct procedures, they are dedicated to making sure your business isn’t paying more than its fair share of VAT.
One example of such a firm is Monahans, who specialise in VAT consultancy. Adam Lloyd, Senior VAT Manager, said “At Monahans, we always have the client’s best interests at heart and will work to find the best possible outcome. For some that might just mean completing a ‘health check’ whilst they have their audits completed, fixing any issues or simply providing reassurance that they have got it right.”
Key Skills to Look for in a VAT Consultancy Service
When seeking out VAT consultancy services, there are key skills you should look for. Extensive experience in the VAT field and a track record of working with a diverse range of clients are beneficial. Furthermore, the ability to communicate VAT processes in jargon-free language is crucial. After all, the aim is to give businesses a clear understanding of their financial situation using easily understood language that can be actioned upon.
Conclusion
VAT consultancy services offered by a reputable accountancy firm can be a game-changer for your business. By ensuring VAT compliance, providing advice in critical areas, and prioritising your best interests, these professionals can help you navigate the tricky waters of VAT. Remember, the right consultancy service should offer clear communication and demonstrate extensive experience in the field. Armed with this information, you can now make an informed decision on choosing the right VAT consultancy service for your business needs.
