➡Partial exemption requirements

If your business receives both VAT standard rate income and VAT exempt income the chances are it will have partial exemption issues. There are extra burdens on the accounting for such businesses in order to correctly attribute and identify the different types of income and the corresponding expenses. There is usually also a requirement to adjust the VAT reclaimed quarterly and annually to take account of the VAT exempt income. AberVAT can get these issues correct from the outset and advise on relevant planning to help reduce administration and allow the best possible VAT recovery position.