If you are a partly exempt business, Green & Co can help you recover all the input VAT that your business is entitled to.
Your company is partly exempt if you are VAT registered but have some exempt supplies, such as rental income for residential property. If you have paid VAT on purchases that relate to exempt supplies, this is known as exempt input tax and, provided it is under a certain amount, we can recover it in full.
To do this, we look at:
De minimis tests
There are three tests to ascertain if your exempt input tax can be fully recovered, and we will apply these for you to find out how much input VAT you can claim.
Annual adjustment calculations
If you fail the de minimis test in one quarter, we deal with the necessary annual adjustment calculations at the end of the partial exemption year, and reclaim any exempt VAT that you were unable to reclaim.
Applying the partial exemption de minimis rules can be a daunting task if you are not familiar with the VAT rules. However, we have a lot of experience in this difficult area.
Please contact us to find out more about how we can help you negotiate this area.