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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.
24 Feb 2021
Self assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April, HMRC has announced.
23 Feb 2021
Business groups have called on the government to extend its coronavirus (COVID-19) support through to the end of the roadmap for lifting lockdown restrictions.
22 Feb 2021
The twice-delayed introduction of the domestic VAT reverse charge for construction services will come into effect on 1 March 2021.
Get in touch with Branston Adams to arrange your free consultation.