VAT Health Check
AreyoureadyforaVATinspection?
VAT isacomplex, self-assessingtaxand itiscommon for mistakes tobe made. Withoutprofessional advice, many businessesfail to spottheseerrorsuntiltheyare identifiedbyaVATinspector. This can resultinalarge VATassessmentandcreate financial difficultiesforthebusiness.
VATHealthCheck
Byundertaking aVAThealthcheckwithus,weareable tohelpyouidentifyandresolve mistakesbefore theybecome problematic.
AVAThealthcheckstartswithavisittoyourbusinesspremiseswhere weworkwithyoutodiscussyour businessactivities and transactions indetail.This helpsustoidentifyhighriskandhighvalue transactionswhichcommonly triggerVAT errorsorotherVAT complianceissues.Aspartofthehealth check, wealsoundertake robust credibilityandvariance testingwiththisprocessincluding areview of source data, invoices andcoding. This enablesustoestablishhow compliantthe businessiswithits VAT obligations and putinplace processes/procedures toprevent future errors. Shouldanyerrorsrequire disclosure,wewillworkwithyoutoquantify theseandnotifythemtoHMRC.
Typical benefits ofaVAThealthcheck include:
• identificationofopportunities to enhance your VAT position
• peaceofmind thatyou have applied the correct VATtreatment tohighvalue transactions and commonincome streams
• confirmationthat inputVATisbeing recovered correctly andsuggestinganyopportunities to increaseVATrecovery
• identification oferrors inadvance ofaVAT inspection, potentiallymitigating any penalties that maybe assessedby HMRC
• identification ofimprovements tosystems,processes andcontrols
• gaining anunderstanding ofrecentcaselaw and developments that may be relevant toyour business
• robust credibilitytestingandsamplechecks usingour proven methodology
• checkingyouare complyingwithMaking Tax Digital(MTD) forVAT andsuggesting improvements toenhance theprocess
• checkingifyouare correctly usingoreligiblefor VATschemes
• identifying issuesassociatedwithcross-border transactionsand providing guidance to steamline the process.
OldMill’sspecialistVATteamadvisecompaniesofallsizesacrossabroadrangeofsectors. enquiries@om.uk |om.uk
