Here at Bedrock our team has particular knowledge and experience related to the education sector having worked with a number of Academies and other educational establishments.
Many schools are applying for Academy status and as they do so they need to take into account the impact that this will have upon access to tax reliefs. They also need to ensure that they comply with Companies and Charities Acts legislation, as well as Department of Education requirements.
VAT regulations can be a particular challenge for Academies and our team is experienced in carrying out bespoke VAT reviews. Through such a review we can help Academies assess whether they need to register for VAT, whether they fall under the current compulsory registration threshold, or simply reassurance that that their VAT affairs are in order.
It is crucial that Academies scrutinize their general income producing activities and be clear as to which are business activities and which are not. Our team can help with VAT registration and make sure your VAT returns are correct so any liabilities are minimised and claims maximised.
Our review can cover include the implications from:
- reviewing income and expenditure to understand the academies activities and assess their tax and VAT implications
- advice on the tax treatment of ancillary trading activities including shared facilities management agreements or any service level agreements with other schools and colleges
- the VAT liability of capital projects and the opportunities to reclaim VAT incurred
- registering for VAT as opposed to reclaiming VAT via a S126 form.
Whether you are from an established Academy, or a school considering making the move to academy status, we will help you understand the implications on your planning and finances.