How to Claim VAT Back on Media Business Expenses

 

VAT in the media industry can be notoriously complex, and many businesses end up paying too much or too little. But did you know that you can actually get some of that money back on eligible expenses? A skilled media accountant in London can help make value-added tax work for your media business by planning for these situations. They can help you recover the tax on goods used in your business on the date of VAT registration up to 4 years prior, as well as recover the tax paid on services up to 6 months before the VAT registration date.

 

Note that you can only reclaim VAT on expenses that are both tax-deductible and directly related to your business operations. This includes items such as IT equipment (work laptops, software) and professional services (legal, security). Expenses related to employment, marketing, and travel are often eligible for VAT recovery as well.

 

How to reclaim VAT for your media business

 

To initiate a VAT refund, you or your accountant must submit a VAT return to HMRC every three months, detailing the VAT you've paid. You will need to provide proof of payment for goods and services ideally through original receipts or valid VAT invoices.

 

What if you don’t have receipts?

 

You can still pursue VAT recovery by providing alternative proof of transaction, such as bank statements. However, you need to demonstrate that the expenses were incurred specifically for your media business operations.

 

 

How a media accountant can help

 

It can be challenging to demonstrate that purchased goods and services are directly for your media business. Invalid VAT invoices from suppliers can also complicate your claims because HMRC will not accept them as valid proof of VAT paid, preventing you from reclaiming that amount. Our media accountant in London can help ensure that all documentation is accurate. They can also handle the time-consuming process of filing VAT returns so you can concentrate on your core business activities.

 

 

Need help with tax refunds?

 

Schedule a meeting with a media accountant in London today. Call 0208 914 8887 to talk to our team here at Allenby Accountants.

 

Retirement planning for Doctors: A step-by-step guide

 

As a young doctor, your focus is naturally on patient care and growing your practice. But it’s important to also plan for retirement early in your career to attain the security and freedom you deserve after years of dedicated service. We understand that finding time for this amidst your demanding schedule can be a challenge, and that's why we have accountants for doctors who can organise your financial records and develop a personalised retirement roadmap.

Here at Allenby Accountants, our medical accounting specialists go beyond basic bookkeeping. We provide comprehensive financial management — including cash flow optimisation and tailored business advice. We also assist doctors in handling the financial side of practice management, from securing financing to preparing year-end accounts and maximising profitability.

In this blog post, we'll delve into the specific ways our accountants for doctors can assist with your retirement planning. We'll explore practical steps you can take now to secure a comfortable and worry-free future.

 

Step 1: Contact us

 

Choose accountants for doctors with proven experience in the healthcare sector. Our team understands the nuances of medical accounting and can deliver tailored retirement solutions for physicians.

 

Step 2: Identify your needs

We'll thoroughly assess your needs and goals during our initial consultation. From there, we'll create a personalized tax and business plan designed specifically for you.

 

Step 3: Explore ways to save on taxes

 

Our medical accountants can help you navigate tax-efficient ways to save money. We leverage our thorough understanding of the UK’s tax laws to help you file the minimum tax legally. Our medical accountants also ensure that you receive any eligible refunds quickly.

 

Step 4: Discover investment opportunities

 

Medical accountants can help you find investment opportunities to grow your finances. We can show you ways to increase pension contributions while maximising ISAs and ensuring access to allowances and tax reliefs. We’ll evaluate your financial position so you can set realistic goals for retirement.

 

Step 5: Get familiar with pension rules

 

Although the NHS Pension Scheme is a common starting point for doctors, a comprehensive retirement plan requires more. We'll work with you to optimise your NHS pension and develop additional income streams, ensuring your retirement is financially secure.

 

At Allenby Accountants, our speciality medical accountants can work with you to ensure your finances are in order. We’ll help you navigate the NHS pension scheme, ensuring you’re up-to-date with correct records. Contact us here or call 0208 914 8887 to discover how our accountants for doctors can help you plan your retirement.