VAT Services

Greenwave Accountants deals with both Isle of Man and UK VAT returns, and provide advice on all areas of VAT for your business.

As VAT agent for your business we will liaise with Customs and Excise on your behalf and deal with any queries or problems that may arise.

We can manage all areas of your VAT depending on the level of assistance required, and provide:
• Advice on whether you need to register, or whether voluntary registration would be an advantage
• Ongoing reviews of your VAT position to ensure you continue to be on the best scheme for your business
• Assistance with VAT registration, or full VAT registration process done on your behalf
• Advice on selecting the best VAT scheme to suit your business and manage your cash flow
• Assistance with specific VAT issues or queries
• Reverse charging and trading with other nations
• Review of VAT returns you have prepared prior to submission
• Preparation of VAT returns from your own records
• A full package of bookkeeping including VAT return preparation and submission

Fast Facts:

You must VAT register if:
• At the end of any month, the total value of your taxable supplies you have made in the preceding 12 months (on a rolling 12-month basis) exceeds the VAT registration threshold, or
• At any time you expect that the value of your taxable supplies in the following 30 days will be more than the VAT registration threshold

• Once the business is VAT-registered, a VAT Return will have to be submitted at regular intervals.
• There are different VAT schemes available depending on the requirements of your business.

There are three rates of VAT, depending on the goods or services the business provides:
• Standard - 20 per cent
• Reduced - 5 per cent
• Zero - 0 per cent

There are also some goods and services that are exempt from VAT or outside the scope of the UK VAT system altogether.

Contractors working on properties in the Isle of Man can charge the reduced rate of 5% VAT on the majority of household repairs, renewals and extensions.

You can deregister for VAT if your taxable turnover in the next 12 months will not exceed the VAT deregistration threshold
• Different EU countries have different rates of VAT