VAT Returns for Entertainment Professionals
The complex regime of regulations imposes a tremendous administrative burden on our clients. Our team of VAT professionals will help to keep your VAT affairs in order, make sure you are collecting the right amounts for each transaction, and ensure that you make payments and file returns correctly and on time.
In addition to providing a comprehensive bookkeeping and VAT accounting service, we can also advise on and help with:
- The pros and cons of voluntary registration
- The timing of compulsory registration
- Extracting maximum benefit from the rules on de-registration
- Partial exemption
- Timing and delaying VAT payments
- Flat rate VAT schemes
- VAT on imports and exports
- VAT control visits HMRC
‘Axia have really helped with my affairs, being dual resident in both the UK and the US my affairs can be very daunting and complicated, but they have always managed to advise in the best way possible. I would highly recommend Axia as an accountancy firm to anyone looking for a professional and consistent service.’
Jamie Sanderson – International Music Producer
A common question is should you register for VAT, just some of the issues to consider include:
- You must register for VAT when your turnover exceeds the VAT threshold (£85,000 from 1st April 2018).
- Your turnover includes all income, royalties, appearance fees and hire charges for sound and lighting engineers.
- There are complex rules for some services such as Google Adwords as they are subject to a ‘reverse charge rule‘ as they are billed from Ireland.
- There is a flat-rate scheme option and we will advise you whether this makes sense for you, it means that you pay a fixed VAT rate and keep the difference between what you pay to HMRC and the rate you charge to your customers. To be entitled you must have a VAT turnover of £150,000 or less.
Your next steps
To discuss whether you need to be registered for VAT or to check if you paying the correct amount please contact us now.Are you Tax Efficient? Contact us now for a free, no-obligation review.