Business (LLP)
Business (LLP)
Barnes Roffe itself became a limited liability partnership (LLP) back in 2001 joining the first wave of professional and investment partnerships to take up limited liability status. Throughout the intervening period, LLPs have grown in number as business owners recognise their advantages over the corporate alternative.
We now act for a large number of LLPs mainly comprising professional firms, investment managers, as well as property investment businesses. The services we provided to LLPs mean they and their members benefit from our experience in dealing with their annual audit and/or accounting requirements, as well as the tax requirements, for both the firm and individuals members. We are able to consult on future planning opportunities alongside other issues such as succession as and when the need is identified.
It is particularly reassuring to our clients that our knowledge has been gained from first-hand experience, as we as a firm have continued to evolve having been one of the first LLPs to achieve limited liability status within the first 6 months of their legal creation.
Advisory Topics
VAT
VAT (Value Added Tax) is a tax that is charged on most business transactions in the UK.
There are different rates of VAT applicable to different types of transactions., the most common being:
- Standard – 20%
- Reduced – 5%
- Zero – 0%
- Exempt
VAT is charged on most goods/services, but if you wish to reclaim the VAT you spend, you need to become a VAT registered business.
Who must register?
If the goods/services you supply count as ‘taxable supplies’, you’ll need to become VAT registered, especially if your turnover for the last year has gone over the VAT threshold, or if you think your business will soon surpass this threshold.
If you are having problems determining whether or not to become a VAT registered business, Barnes Roffe can help. We offer VAT return preparation services, as well as VAT advice and guidance.
It’s not that simple…
VAT is perhaps the most complicated tax. From partial exemption calculations to reverse charge rules, cross-border trading to land and property transactions, the possible pitfalls and complexities are many. It is vital to get professional VAT advice as the cost can be great if you make the wrong decision. Advance planning is invaluable.
Our tax team and specialist VAT consultants can advise you on all areas of VAT.
We also offer a VAT Healthcheck service, giving you peace of mind over your VAT compliance.
At Barnes Roffe we are much more than your average tax accountants. Through our commitment to offer you the best quality tax advice, our tax consultants can help you to calculate all of your taxes as well as provide you with in-depth business strategies.
Contact our tax team today and we can help you understand how VAT affects your business.
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