When you think back to two years ago and everything that was going on in the world, it doesn’t seem real does it? School Closures; University Lockdowns; Loss of jobs; All forms of daily structure went out of the window as parents Home-Schooled in between work calls and the then very novel Zoom Meetings…where would we have been without the WhatsApp groups set up by way of support as we all faced a collective although very individual set of Home-schooling dramas! One thing the world did appreciate, alongside our NHS…Teachers! Having to change the way they worked, the way they taught! How did we all cope?
To look back on this and see how opportunity was created at a time where there was more cloud than silver lining, is testament to us all. The opportunities that arose from this unprecedented moment in history. The gap that was unarguably created in our children’s education has well and truly been filled and is now overflowing by the vast increase of Education and Tuition based businesses available to us, be it online or in person.
Thankfully the negative effect of Covid19 on education is starting to become a distant memory and we can now concentrate on the positives.
There are a number of advantages to both online and offline teaching and learning, and the wealth of topics parents can access is far greater than any school syllabus; what’s more, the demand has never been greater. The by-product of Covid, parents were prepared to pay for this level of education creating a more commercial angle to what had been predominantly free, and we saw that the pandemic had created a greater need for Education and Tuition based businesses; demand created the need to upscale these businesses quickly, consistently, and due to the economic climate, risk free.
However, as businesses grow, we naturally see ourselves paying more VAT. But what some aren’t aware of is that there is a VAT exemption available to the Education and Tuition sector when they are structured in the correct way.
It doesn’t apply to everyone; There are two sets of criteria that need to be met, one is based on the subject you teach and the second is how your business is set up.
As experts in this field, we understand the criteria inside and out, helping businesses, just like yours, to run under the correct legislation to be exempt from VAT.
If a subject ordinarily taught across schools and universities, is taught by an owner or partner in the business, then the business can benefit from the exemption.
Are you looking to expand your business? Will this push you over the VAT threshold of £85K? If the answer is ‘yes’ then speak to us today.
d&t will guide you, help set up your business and manage it correctly. We’ll work at a pace that you feel comfortable, whilst saving you money.
ICAP members get an exclusive offer from d&t. Check your member’s area for details, or email email@example.com