In recent years, governments have been putting emphasis on indirect taxation rather than direct.
Isle of Man businesses that operate locally and in the UK need to be able to understand the complex VAT implications of doing business in both jurisdictions to ensure they manage their VAT risk and are aware of any opportunities to save VAT. Any unforeseen VAT liabilities, errors and assessments not only impact on the bottom line and on cash flow but can also attract interest and penalties.
For those Isle of Man businesses seeking out opportunities on a global basis and operating in international markets will face complex VAT systems, case law, guidance and legislation. When entering new markets, expanding globally or joining international supply chains, companies will need to comply with complex VAT rules.
Why Grant Thornton?
Our team helps businesses manage their IOM, UK and global indirect tax risks which, as transactional taxes, can quickly become large liabilities. Our approach and advice is clear, commercial, pragmatic and practical which enables the indirect tax position to be understood and the tax risk managed. Businesses should also seek to improve their cash flow and find efficiencies through improved processes, systems and controls. From the outset, our team will seek to understand the issues and then identify the best solution for your needs.