VALUE ADDED TAX

Value Added Tax

Value added tax is a consumption tax because it is borne ultimately by the final consumer, but it is being collected and paid to the revenue authorities by the supplier of goods or services, which is why it is an indirect tax (similar to turnover tax).

HMRC's specialists in the VAT and Excise Department are widely regarded as the best trained and strict of the UK's tax office. On top of that increasing rates and a stricter system of penalties introduced in recent years mean that the risk associated with the interpretation of VAT regulations has never been greater.

To enable the development of an appropriate strategy our VAT specialists will study the specifics of your business in the smallest detail, which will be reflected in the reports prepared and delivered in timely manner.

If you are concerned that you may miss an opportunity to optimize your tax, overlook a potential risk, or have a specific and bothering VAT issue in mind, our team of VAT specialists can help you. Taking the time to get to know you and your business will help identify areas where we can work together to ensure VAT is used effectively.

Abacus Bureau Accountants is also able to provide specialist advice on other indirect taxes such as:

customs duties

gambling fees

insurance premium tax

Inter-community exchange

The intra-community supply and acquisition of goods or services tax regulations are considered very complex and meticulous and often appear to be a great challenge for entrepreneurs. Intra community trade refers solely to the movement of animal products between EU Member States and in general, the requirements for intra-community trade are harmonised between Member States.

Below you will find a few issues that should be considered before starting cooperation with a supplier or contractor established in another European state:

When is the obligation to register for VAT due to contracted intra-Community supply and acquisitions?
What information, evidence and documentation need to be secured?
What is VIES and Intrastat?
Acquisition and intra-Community supply of alcoholic products and tobacco.
Purchase of a new means of transport from another Member State.
Determining the place of supply of goods or services in the territory of the European Union.
Application of the reverse charge from supply goods and services in intra-Community transactions.

Import and export

Brexit and Trade Exchange

The UK has left the European Union and Brexit transition period ended in December 2020.

We already know today that on December 24, 2020, a trade agreement was concluded between the United Kingdom and the European Union. And there is no need to be worried about the potential detrimental consequences of trade under WTO rules. Despite the World Trade Organisation rules, that say the same trade conditions must apply to all WTO members, unless there is a trade agreement between two or more countries participating in trade exchange.

It become apparent that this grimme outcome would bring so much uncertainty and disruption to the supply chain that at the end of 2020
we learned that both parties will go to great lengths to avoid ‘hard Brexit’.