The issue

Mistakes in VAT accounting can result in unplanned additional cost, unwelcome administrative burdens, penalties and possibly an HMRC investigation. Getting it right can mean the financial position is improved, bring organisational gains and a reduction in tax risk.

Action required

Our team can provide businesses with comfort and assurance in respect of their VAT affairs. At any time, but particularly when a VAT visit is anticipated, our team of ex-HMRC VAT visiting officers can carry out a VAT audit on your books and records. Using similar techniques used by HMRC, we will effectively carry out a VAT assurance visit, looking at all the same areas where VAT Officers would normally look and asking the same questions an Officer would ask.

Not only does this thoroughly prepare you for the visit, any problems found can be highlighted and dealt with, usually without financial penalties (as long as a visit has not already been arranged by HMRC).

Example

One client who commissioned one of our audits had made a fundamental liability error resulting in a sizeable VAT overpayment of £80,000. Using our experience of VAT visiting techniques and audit, we were able to find other areas where VAT had not been claimed or had been overpaid and, as a result, the overpaid VAT was repaid to the client.