Particular Areas of Expertise

Accounts

Professional Qualifications

Jake is studying for his ACCA qualification

Expertise/Achievements:

Jake started at David Cadwallader & Co in December 2015 having recently graduated from Birmingham City University after finishing his degree in Law and Business Law

Interests

As a Manchester United and Dallas Cowboys fan he finds it hard to divide his time between two sports, especially when neither are worth watching at the minute.

Contact

E-mail: Jake@cadwalladerandco.com

Tel: 01869 222 125

Mike Foster from The Bookkeepers Alliance joins David Cadwallader and Co to look at some of the hot topics around VAT. Nicola Cadwallader and Fred Cowgill discuss a selection of topics recently raised with them by members

Ok so the running VAT saga of Opticians vs HMRC has a new development

I am Nicola from David Cadwallader & Co and am always looking at current tax rulings which could affect my clients, in this case the number of Opticians practices that I work with

VAT is an ever-changing minefield and especially in the optical industry. At a recent seminar this case of  Rapid Sequence Limited [2013] UKFTT 432 (TC) caught my eye. HMRC ruled that where locum GP medical services are being supplied by a limited company rather than an unincorporated sole trader this was a supply of staff rather than a supply of medical services.

This will affect opticians who may potentially be faced with bills from their OOs with 20% VAT charged which they cannot recover

So, if for example a locum OO who has been working for an Optician for a number of years decides to incorporate he may find himself having to charge VAT if his turnover is above the VAT threshold (currently £82,000). This was previously (before incorporation) an exempt supply for VAT purposes but will now constitute a standard-rated supply

If your OO is talking about incorporating it may be a good idea to ask a few questions of him and your accountant to see if it will impact your business … and incur the dreaded de minimus problem

If you need any further advice on this area of VAT, any other area of VAT or anything to do with Optician’s finances give me a call