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At HBB we can advise companies in the Colne 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 Colne area and would like further advice on VAT group registration, please contact HBB.
03 Mar 2021
Chancellor Rishi Sunak set out a Budget to protect businesses through the pandemic, fix the public finances and begin building the future economy.
23 Feb 2021
Considering the issues that may be covered in the upcoming 2021 Budget.