Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.
VAT may seem complicated, but our team can help break down the work into daily, weekly, monthly and annual tasks that you need to carry out in order to be organised and well-prepared.
VAT compliance can be a difficult administrative process, mostly due to the constantly evolving HMRC regulations and demands. We can provide a cost-effective and efficient service to ensure that you are complying with all regulations and not overpaying.
We have an established team with many years’ combined experience.
We are always available on the phone and via email, there are no queries we can’t handle.
What is the Domestic Reverse Charge for VAT?
This measure was introduced on 1 March 2021 in an attempt by HMRC to prevent VAT fraud. Supplies are within the scope of DRC if the work is within the scope the CIS scheme, and the customer is not the end user. For further guidance, see our downloadable guide on the DRC.
Can I claim VAT on my vehicle?
When you lease a vehicle, you can reclaim VAT on the monthly lease payments. When you buy a vehicle on Hire Purchase you can reclaim all of the VAT up front. Please note, VAT on cars is subject to a 50% restriction. You can only claim half of the VAT on cars. On vans you can reclaim all of the VAT.
Can I claim expenses for working from home?
Yes, you can. The simplest method is to use the HMRC approved rate of £6 per week which is £312 per year. If you want to claim more than that, then you need to work out the actual proportion of your expenses which relate to business use. That means you must work out the proportion of your own home which is devoted to offic...read more
Can I get tax relief on school fees?
Not directly. However, you could create a trust which would receive dividends. The dividend income would then be used to pay school fees. This type of planning is quite complicated and relies on you giving away some of your trading company to the trust. If you have grandchildren which you’d like to support in this way it m...read more
Is it better to be a sole trader or a limited company?
Generally, there is a tax advantage for businesses operating though a limited company because the rate of Corporation Tax paid by companies is lower than the rate of Income Tax and National Insurance paid by sole traders. However, a limited company comes with various complications which means this option not right for everybody. Our advice will be tailored to your individual situation.
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VAT doesn’t have to be a chore. Get in touch with us to find out how our VAT service can relieve the stress out of planning, submitting and paying your VAT.