Peter Manser FCA DChA
- Head of Audit and Assurance, and Academies and Education Partner
- +44 (0)330 124 1399
- Email Peter
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We recognise this and the need our clients have in this regard; that is the ability to access a professional service, which offers clear advice and practical solutions to issues.
We have built an experienced charities and education sector specialist team at Kreston Reeves that we as accountants and our clients can call upon.
Our VAT team advise on any issue an Academy Trust has, whether related to conversion and deliberations on what is required to be VAT compliant, through to substantial development projects.
As an overview, an Academy Trust, like a local authority, has the special ability to reclaim most of the VAT it incurs. This is in respect of its ‘non-business’ education. However, most Academy Trusts do make charges for services or use of facilities which tend to be ‘business’ activities. This not only leads to a decision if registration is required and VAT must be charged but also to a likely restriction of some overhead VAT. Our assistance can include the following:
Is VAT registration required, or is it beneficial to register voluntarily, or should we just file Form VAT126 claims to HMRC?
What is the treatment of our income, given that we do make charges for use of sports/hall facilities, clubs and school equipment?
How do we calculate a restriction of VAT on costs relating to ‘business’ activities?
Can we obtain building works at 0% VAT, and if we do pay VAT can we reclaim it all?
How do we treat charges for working with other schools and academies?
Can you help with compliance, our VAT returns and importantly training of our finance team?
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