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VAT became part of the UK tax system as part of the free movement of goods and services requirements of the EU. It has become an increasingly large and important element of the UK tax system. It was administered by the HM Customs and Excise and their approach has resulted in a stronger proactive approach towards tax compliance and a tougher regulatory regime than is perhaps the case with other taxes.
The VAT system originated from Napoleonic days and allows VAT registered businesses to recover VAT properly incurred and so passes the cost of VAT to the end consumer who is not VAT registered.
VAT is complex. There are rules and exceptions to the legislation. However there are a few points of regular interest:
With the complexity and onerous penalty regime, proper advice is important.
At Johnsons we aim to ensure that all such risks are avoided and your business is structured to optimise your VAT position. We have a team of experienced professionals who can offer guidance on meeting the VAT requirements and provide support at all appropriate stages of the development of your business.
If you would like more information or would like to speak to us direct then call us on 020 8567 3451. Or if you would prefer, ask us a question online.