A Newport-based VAT consultancy that warned the Welsh Government of many Welsh businesses being caught out when it comes to VAT on exports, has been tasked by the Welsh Government with getting the VAT practices of Welsh exporters up to scratch.
The award winning Centurion VAT Specialists won the accolade of the 2013 Best VAT team in the UK. Operating for 16 years, the six strong VAT team has recently been trying to ensure that Welsh Businesses who export do not fall foul of the strict evidence of export rules that HMRC require if the sales invoice is not to attract a 20% VAT charge.
With the Welsh Government keen to encourage exports in an effort to boost the Welsh economy, it made sense that the two organisations should join forces.
Centurion will run two free seminars for exporters in October, one in North Wales and one in South Wales to coincide with International Week.
The seminars will provide an overview of the VAT implications of exporting goods and services out of the UK. They will aim to provide a better understanding of the UK VAT rules as they impact on the exporting goods and services and to give insight into more complex areas of VAT legislation so that potential issues can be identified at an early stage.
Centurion VAT Specialists’ director, Liz Maher, said: “As Wales looks outside its borders for economic growth, it is vitally important that they have all the correct financial systems in place to ensure that they are maximising the income from sales and not losing money to HMRC through something as simple as clerical errors.
“We hope that by attending our seminars, companies will be able to share their experiences and build a code of best practice that they can adhere to as their international sales grow.
“VAT is a constantly evolving process and people need to stay ahead of the changes to ensure that they don’t fall foul of HMRC. For example, in January 2015 there will be big changes for companies supplying digital services in the Eurozone and people who don’t keep up, will be fined.”
With offices in Bristol and Newport, the company aims to build on its existing reputation to become the largest independent VAT consultancy in Wales and the South West.