Thursday, 3 January 2013

VAT, a European Invention

Europe has given us many things over the years; the metric system, Cornish pasty naming restrictions and more recently ash dieback, but did you know that VAT also originates from the Continent?

Value Added Tax

It was first envisioned in the 18th Century by a German economist looking for a sales tax on goods that did not affect the cost of manufacture or distribution.

Quite some time after it was devised, the system was adopted by France in 1954. A few years later, when the Common Market (now the European Union) was formed, it was decided that the imposition of a form of VAT would be a requirement for joining.

Hence, when the UK joined the EEC in 1973, we replaced our existing Sales Tax with VAT.

Dreaded VAT Returns

Many companies have an understandable love / hate relationship with VAT, but despite the dread of regular VAT returns, being VAT registered can bring many benefits and a good accountant is invaluable in realising those benefits.

If your business is close to the threshold, give me a call to discuss VAT registration.

More Information

If I've whet your appetite for VAT facts, try the following resources:

Wednesday, 2 January 2013

Happy (and Prosperous) New Year!

As talk of America's fiscal cliff dies down and our own home grown green shoots of recovery head skywards, I'd like to wish all my customers a very...

Happy New Year!

I hope 2013 is a prosperous one - with perhaps a little less rain than last year!

New Year's Resolutions

Refreshed from a few days off and a bit of quality family time, the new year brings a renewed vigour and sense of determination to get things done.

I can't help you with the smoking, healthy eating or exercise, but I if your resolution is to be incorporated this year, I can help with company formations.

Or if the 2012/13 tax year has already been very kind to you so far and you're resolved to keep some of the money, perhaps I could assist with some tax advice?

All the best,