Business Advisory. Contact us. Services: Corporate Tax Planning. Previous Post. Next Post. Nolan Gooch Partner. Nolan joined the team in , becoming the Humber team's dedicated tax specialist.
His experience of working across varied industries, such as food processing and engineering, allow him to quickly adapt to different business needs. Contact Us. We are here to help - Get in touch If you would like to find out more about a service or how we can help your business today, fill out the form below.
How can we assist you? Please Select Would you like to share what your average annual turnover is? Search Area:. Get the vital information you need quickly and easily by watching one of our guidance videos - topics include VAT assessments and penalties, VAT for charities, and maximising VAT recovery. View Videos. What is output and input VAT? What is output tax? What is input tax? Get in Touch Please fill out this quick form and someone will get back to you as soon as possible.
Need Help? She is extremely knowledgeable, dependable, thorough and efficient. I would recommend her personally to any business needing this kind of assistance. We have found them to be very thorough and professional in all that they do.
They have looked after some very complicated tax issues for us, always meeting deadlines at short notice and pursuing successful claims. Businesses charge VAT on their sales. This is known as output VAT and the sales are referred to as outputs. Similarly VAT is charged on most goods and services purchased by the business.
This is known as input VAT. However the input VAT suffered on the goods and services purchased can be deducted from the amount of output tax owed. Please note that certain categories of input tax can never be reclaimed, such as that in respect of third party UK business entertainment and for most business cars. If you are making taxable supplies below the limit you can apply for voluntary registration. This would allow you to reclaim input VAT, which could result in a repayment of VAT if your business was principally making zero rated supplies.
If you have not yet started to make taxable supplies but intend to do so, you can apply for registration. In this way input tax on start up expenses can be recovered. A taxable person is anyone who makes or intends to make taxable supplies and is required to be registered. For the purpose of VAT registration a person includes:.
If any individual carries on two or more businesses all the supplies made in those businesses will be added together in determining whether or not the individual is required to register for VAT. Once registered you must make a quarterly return to HMRC showing amounts of output tax to be accounted for and of deductible input tax together with other statistical information.
All businesses have to file their returns online. Returns must be completed within one month of the end of the period it covers, although generally an extra seven calendar days are allowed for online forms. Businesses who make zero rated supplies and who receive repayments of VAT may find it beneficial to submit monthly returns. They will now be given the option to pay their deferred VAT in equal consecutive monthly instalments from March
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