Care England hosted a webinar in collaboration with Grant Thornton UK LLP to discuss an opportunity for care providers to achieve significant VAT savings. This was completed with a view to injecting significant additional funding into the sector and therefore supporting the progression towards the fair cost of care.
As healthcare providers predominantly carry out exempt activities, they are precluded from reclaiming most of the VAT incurred on costs. This can be a significant amount and with spiralling costs, the position is only exacerbated.
The webinar raised awareness of how care home providers can restructure the provision of welfare services to enable VAT recovery on publicly funded contracts. An overview of the opportunity can be found here.
During the webinar, Grant Thornton explained the VAT legislation behind the opportunity, the key milestones of implementation, together with sharing insights into the current landscape, and have also published a VAT briefing which can be found here.
To view the list highlighting Local Authority and NHS VAT Status (subject to change) please click here.
You can view the recording of this Webinar below
A transcript of the Questions and Answers from this webinar can be found here.
Grant Thornton has a deep understanding of the private healthcare sector, the environment in which providers operate and the key challenges they currently face. They have a dedicated team who are highly experienced, having worked with a large number of clients in the private healthcare sector, across all service lines.
Their client base includes some of the UK’s leading healthcare specialists. Through this work, Grant Thornton has and continues to gain insight into the sector and ways in which VAT savings can be achieved.
They offer a consultancy based approached that can be bespoke to your needs. They will work at a pace that matters – yours – bringing both flexibility and rigour. Grant Thornton has received Tax Counsel’s opinion on a number of aspects of the welfare restructuring to ensure that when implementing this structure it is compliant with VAT legislation. As quality is fundamental to everything they do, they provide full disclosure to HMRC on all projects.
Given the breadth of capability and depth of experience in the private healthcare sector, Grant Thornton’s VAT offering goes beyond the VAT efficient provision of welfare services. As such, there are a number of ways in which Grant Thornton has helped providers in building business resilience, through managing exposure to risk, implementing operational efficiencies, mitigating rising costs and ensuring their business is future fit. An overview of the VAT work Grant Thornton has been completing in the private healthcare sector can be found here.
For more details, please get in touch with Grant Thornton’s VAT specialists in the healthcare sector. Contact details below: