VAT Compliance

VAT Compliance Policy for Techwise Consulting Ltd

At Techwise Consulting Ltd, we are committed to ensuring full compliance with the UK Value Added Tax (VAT) regulations. This policy outlines our approach to VAT compliance in accordance with UK law and how we handle VAT on our products and services. By using our services, you acknowledge and agree to the terms outlined in this policy.

1. VAT Registration

Techwise Consulting Ltd is VAT registered in the United Kingdom. Our VAT registration number is [Insert VAT Number]. We are required to charge VAT on all taxable supplies of goods and services that we provide to our customers in the UK, unless a specific exemption or zero rate applies.

2. VAT Rates Applied

We apply VAT at the standard rate (currently 20%) on most of our products and services, unless an exception or reduced rate applies. The following are the key VAT rates we apply:

  • Standard Rate (20%): Applied to most of our products and services, including consulting services, software development, and digital transformation services.
  • Zero Rate (0%): Certain services may qualify for zero-rated VAT under UK law, such as certain types of training and specific digital services. These exemptions will be identified at the point of sale or agreement.
  • Exempt Services: Some services may be exempt from VAT, including specific financial or medical services. We will inform you if any services are exempt from VAT at the time of purchase or engagement.

3. VAT on International Transactions

For clients outside of the UK, the VAT treatment will depend on the location of the customer and the nature of the transaction:

  • EU Businesses: For EU-based businesses with valid VAT registration, we apply the reverse charge mechanism, meaning no VAT is charged. It is the responsibility of the customer to account for VAT in their own country.
  • Non-EU Businesses: For businesses outside the EU, we do not charge VAT on the provision of services, as per the place of supply rules for services.
  • Private Individuals Outside the UK: For private individuals located outside the UK, VAT is typically not charged on services provided. However, specific rules may apply depending on the service and location of the customer.

4. VAT Invoices and Documentation

We issue VAT invoices for all transactions that are subject to VAT. The VAT invoice includes the following details:

  • The full name and address of Techwise Consulting Ltd, including our VAT registration number.
  • The name and address of the customer (or the business name if applicable).
  • A clear description of the goods or services provided.
  • The VAT rate applied and the total amount of VAT charged.
  • The date of the invoice and a unique invoice number.

Customers will receive VAT invoices in either electronic or printed format, depending on the mode of communication agreed upon during the transaction.

5. VAT on Refunds and Adjustments

If there is a need to issue a refund for services or products previously supplied, we will adjust the VAT charged accordingly. This may include the following scenarios:

  • Refunds: When a service or product is returned, we will issue a credit note or refund the VAT component of the payment.
  • Price Adjustments: If there is a change to the price after a transaction has been completed, the VAT will be adjusted to reflect the new price.

Refunds will be processed in the same manner as the original payment method, and any adjustments to VAT will be reflected in updated invoices or credit notes.

6. VAT Compliance and Record Keeping

Techwise Consulting Ltd adheres to all VAT compliance requirements, including accurate record-keeping and timely submission of VAT returns. Our practices ensure that:

  • We maintain detailed records of all transactions, including invoices, receipts, and credit notes, for a minimum period of six years in accordance with UK law.
  • We file VAT returns on time to the UK tax authorities (HMRC) to report VAT charged and paid.
  • We apply the correct VAT rates to all services and products in line with current legislation.

7. VAT Refunds and Claims

In the event of overpaid VAT or where VAT has been incorrectly charged, you may be eligible for a VAT refund. Customers can request VAT refunds by submitting a claim to us or by contacting HMRC directly if the refund concerns overpaid VAT on international transactions.

8. Changes in VAT Legislation

We stay up to date with changes in VAT legislation and adjust our policies and practices accordingly. If there are any changes to the VAT rates or rules that affect your transactions with Techwise Consulting Ltd, we will notify you in a timely manner.

9. Customer Obligations

It is the responsibility of our customers to ensure they provide accurate information regarding their VAT status, particularly for businesses outside the UK or EU. If you are VAT registered, you must provide your VAT registration number at the time of purchase for the reverse charge or exemption to apply.

10. Contact Us

If you have any questions or concerns regarding VAT charges, VAT refunds, or our VAT compliance practices, please contact us using the following details:

  • Email: josh@techwiseconsulting.com
  • Phone: +447424549867
  • Address: 7 Pymmes Gardens North, London, N9 9NU