Understanding partial exemption

Partial exemption has evolved into one of the more complex areas of VAT.  Unfortunately, it can be all too easy to significantly overpay or underpay VAT to HM Revenue & Customs (HMRC).

Overpaying VAT, as well as being costly to your business, can result in time-consuming, frustrating delays before the situation can be rectified. Underpaying VAT will almost certainly result in interest charges and possibly penalties being raised by HMRC.

At UHY Hacker Young, our experienced in-house VAT specialists can provide simple, straightforward advice on your partial exemption position, suggesting improvements where appropriate, and assisting in minimising the cost to your business of irrecoverable VAT.

Our advice will always be realistic and we will never suggest anything which we believe is too risky for your business. We offer honest advice, warts and all.