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At Branston Adams we can advise companies in the Surrey area about group VAT registration. Here are some of the issues to consider.
VAT grouping occurs where two or more companies or limited liability partnerships (LLPs) are treated as a single taxable “person” for VAT purposes. A VAT group is treated in the same way as a single company registered for VAT on its own.
An unincorporated body, such as a sole trader or partnership, is also permitted to join a VAT group provided it makes taxable supplies and controls one or more companies or LLPs.
In general, the members of the group each have to have an establishment in the UK and be under common control. There are special conditions for VAT groups with an annual turnover of more than £10 million.
Advantages of group registration are:
As with most other areas of the tax system, VAT Groups are subject to detailed anti-avoidance provisions.
If you’re based in the Surrey area and would like further advice on VAT group registration, please contact Branston Adams.
23 Nov 2020
HMRC has started writing to 4,000 businesses in the hospitality sector requesting them to verify their claims made under the government's Eat Out to Help Out scheme.
20 Nov 2020
HMRC has warned self assessment taxpayers to be alert to the danger of scammers posing as the tax authority in the lead up to the tax return deadline.
19 Nov 2020
The Treasury has confirmed that the £1 million cap on the Annual Investment Allowance (AIA) is to be extended for an additional year as the government continues to look at ways to stimulate the economy.
Get in touch with Branston Adams to arrange your free consultation.