IOM Tax Solutions

Taxation without representation is tyranny

Home IOM Tax Solutions Personal Tax Company tax Accounts Bookkeeping Self employment Saving Tax National insurance VAT Moving to Isle of Man Inheritance Tax Wealth protection Contact us

VAT

We will deal with your local registration and filing of returns.

Considerations for small business are the cash accounting schemes and Flat Rate schemes which can both be extremely beneficial.If cash flow is an issue for your business then you should consider using the cash accounting scheme.  VAT is payable on a receipts & payments basis as opposed to referral to invoices.  If invoices are late being settled  this can cause cashflow difficulties for your business.The flat rate scheme utilises a flat rate applied to the Gross sales inc VAT.  It is relatively simple to administer which is one good reason to consider it.  However this scheme is not suitable for all businesses.  The IOM is part of the UK for VAT purposes and although the IOM has its own law, it mirrors the UK. There are many alternative and specific VAT schemes available which apply across business.  It is important that you start off properly as a mistake early on can prove very costly in the future.

What we do for you
  • Advise on the most appropriate VAT scheme for your business
  • VAT registration
  • Quarterly reporting
  • Submit returns on time and avoid penalties/surcgarges
  • agreed fees

 

 

 How you benefit
  • Minimise your VAT liability
  • Ensure correct returns
  • VAT returns and payment put in on time
  • No penalties or surcharges
  • excellent value fees
  • More time for you to focus on your business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IOM Tax Solutions provides Bookkeeping accounting and tax Services.