VAT Health Check
AreyoureadyforaVATinspection?
VATisacomplex,self-assessingtaxanditiscommonformistakestobemade.Withoutprofessionaladvice,manybusinessesfailto spottheseerrorsuntiltheyareidentifiedbyaVATinspector.ThiscanresultinalargeVATassessmentandcreatefinancial difficultiesforthebusiness.
VATHealthCheck
ByundertakingaVAThealthcheckwithus,weareabletohelpyouidentifyandresolvemistakesbeforetheybecomeproblematic.
AVAThealthcheckstartswithavisittoyourbusinesspremiseswhereweworkwithyoutodiscussyourbusinessactivitiesand transactionsindetail.ThishelpsustoidentifyhighriskandhighvaluetransactionswhichcommonlytriggerVATerrorsorotherVAT complianceissues.Aspartofthehealthcheck,wealsoundertakerobustcredibilityandvariancetestingwiththisprocessincluding areviewofsourcedata,invoicesandcoding ThisenablesustoestablishhowcompliantthebusinessiswithitsVATobligationsand putinplaceprocesses/procedurestopreventfutureerrors. Shouldanyerrorsrequiredisclosure,wewillworkwithyoutoquantify theseandnotifythemtoHMRC.
TypicalbenefitsofaVAThealthcheckinclude:
• identificationofopportunitiestoenhanceyourVATposition
• peaceofmindthatyouhaveappliedthecorrectVATtreatmenttohighvaluetransactionsandcommonincomestreams
• confirmationthatinputVATisbeingrecoveredcorrectlyandsuggestinganyopportunitiestoincreaseVATrecovery
• identificationoferrorsinadvanceofaVATinspection,potentiallymitigatinganypenaltiesthatmaybeassessedbyHMRC
• identificationofimprovementstosystems,processesandcontrols
• gaininganunderstandingofrecentcaselawanddevelopmentsthatmayberelevanttoyourbusiness
• robustcredibilitytestingandsamplechecksusingourprovenmethodology
• checkingyouarecomplyingwithMakingTaxDigital(MTD)forVATandsuggestingimprovementstoenhancetheprocess
• checkingifyouarecorrectlyusingoreligibleforVATschemes
• identifyingissuesassociatedwithcross-bordertransactionsandprovidingguidancetostreamlinetheprocess.
