Practice VAT Review
As you will no doubt be aware, your turnover is a mixture of taxable supplies of frames, lenses and contact lenses and exempt supplies of professional medical advice including eye examinations and dispensing fees.
But are you aware of the large variations in the exempt percentage of turnover and therefore the amount of output VAT which is payable? Exempt percentages of turnover in this sector can vary anywhere between as much as 75% and as little as 40%.
These variations are due to how the methods of separation are calculated, negotiated and agreed with H.M. Revenue and Customs.
At James McMahon & Company we acknowledge the Optometrist as a trained medical professional and not a retailer selling optical appliances. We therefore argue and negotiate the maximum exempt percentages available ensuring the client pays as little VAT as possible. In the majority of cases we have also secured refunds for clients even when they are already a repayment trader.
Contact us how to claim your VAT refund.
