VAT (Value Added Tax) is one of the most complex taxes imposed on business and one that many businesses inadvertently overpay or underpay. With a constant stream of detailed changes to the regulations, businesses can find it difficult to ensure they comply.
We provide a cost effective VAT compliance service and work with a wide variety of businesses, providing varying levels of support from general advice to VAT return completion. We have helped many of our clients to reduce VAT assessments and minimise their VAT liabilities.
VAT registration and de-registration
Whether applying for VAT registration, group registration or de-registering from VAT, we can help you complete the necessary forms and monitor their progress with HMRC and deal with any questions arising.
We can advise on the regulatory requirements for accounting for VAT on a day-to-day basis. This could be advising on the content required for a VAT invoice, the correct time for charging and accounting for VAT and when VAT can be claimed. We can advise on the VAT liability of your supplies (goods or services) to make sure VAT is only charged where necessary.
We can complete VAT returns for you either at your premises or at our own, leaving your staff free to concentrate their attention to other business issues. Alternatively, we can review in detail, selected VAT returns of your choice either before or after submission to HMRC. This review can help identify and resolve any VAT errors as well as identify any areas of opportunity for businesses to improve its VAT position. Additionally, we can also prepare any Intrastat or EC sales lists that form part of the VAT return procedure.
This will entail carrying out a critical analysis of sales and purchases activities of the business. We would also seek to identify VAT opportunities for cashflow planning as well as identifying any VAT exposures to assessments, interest charges and penalties. We can also consider any VAT implications arising from a clients' prospective business plans and objectives to make sure that VAT does not compromise these arrangements. Such a review enables a business to take a pro-active approach to its VAT affairs and provides comfort in knowing that the business is VAT efficient, or provides an early warning with regard to exposure to VAT errors that could be costly if discovered by HMRC.
VAT audits by Customs and Excise
Some businesses may have a good relationship with the local VAT officer but no business has a good relationship with HMRC. As VAT audits can be a worrying time, we can be available on the day of the visit either on site or at the end of a telephone to help with any questions raised by HMRC. If you prefer, we can carry out a risk assessment of the VAT position prior to their visit and advise on how to deal with any problems this highlights. We can also help with any VAT issues that arise after the visit.
We can provide training either on-site at your premises or at our own offices. We offer basic VAT training for staff involved in purchasing, sales, finance or administration. The aim is to ensure that staff can deal with day-to-day VAT issues as they arise within your business and hopefully identify potential problem areas.
Additionally, we can provide VAT training tailored to the specific needs of the business incorporating VAT issues that are particularly relevant to them.