Tax and VAT
What you need to know:
- The University of Plymouth and two of its subsidiary companies, University of Plymouth Enterprise Ltd (UPEL) and University Commercial Services Plymouth Ltd (UCSP) are group registered for VAT.
- What does this mean? A VAT group is treated by HM Revenue & Customs as a single taxable person. Supplies between group members are disregarded
for VAT purposes.
What is VAT? – A transaction based tax on consumer expenditure and imports into the UK.
What is Tax? – A compulsory levy on revenue payable to HMRC.
What we need to know from you:
- Any overseas activity, for example - partnerships.
- What your purchases are for VAT purposes – we analyse the transactions from the way you code your purchase orders, GPC purchases and expenses.
- What income we have received is for – we analyse this from the codes you use on your sales orders VAT.
Why we need to know:
- HMRC Compliance
- HMRC Submissions
- HMRC VAT Returns
- Corporation Tax Calculations
- Overseas Tax implications
- VAT exemptions – Medical, Advertising and Disability
- Possible tax reliefs and ways to save money.
When to contact us:
- When you are unsure of the correct treatment of
- When you embark on overseas work and projects.
- When you need an exemption certificate authorising and signing (email firstname.lastname@example.org).
How do I access more information?
For more information on VAT and Tax, contact the Financial Accounts Team (details below)
The University of Plymouth has a dedicated Financial Accounts Team primarily based at Royal William Yard. The team provides:
- Annual report and financial statement preparation (regulatory requirement).
- Technical accounting (including fixed assets).
- Financial control (balance sheet reconciliations, balance sheet forecasting and reporting).
- Other regulatory requirements such as Office of National Statistics (ONS) returns.
The University has five subsidiary companies. The Financial Accounts Team provide company secretarial
and financial accounting services including taxation, treasury, financial statement
preparation, governance and regulatory compliance.
Commercial Services Plymouth Limited (UCSP).
of Plymouth Enterprise Limited (UPEL).
(Facilities) Plymouth Limited (PMS).
Dental Social Enterprise CIC (PDSE).
- University of Plymouth Services Limited (UPSL).
Treasury and Banking
The Financial Accounts Team:
- Manage the University and subsidiary cash holdings.
- Maintain relationships with banks and investment managers.
- Maintain the Treasury Management Policy.
- Forecast the cash flow, including capital cash flows
as part of the estate strategy and masterplan, and investment requirements for
the University’s cash holdings.
- Monitor current accounts on a daily basis.