Modular VAT review
Our approach to carrying out a VAT review is a little different. We put you firmly in the driving seat so you have control of which modules happen when so you can budget your time and cost accordingly. The one mandatory element of our modular approach is the requirement to have an initial scoping meeting.
The critical foundation of any VAT review is an information gathering exercise. Through this scoping meeting we can confirm to you which modules you need to prioritise and in which order.
Benefits to your business
We need to understand your business in order to effectively advise you on the VAT risks to your business. You need to be able to express any specific concerns so that we can tailor the review to your individual:
- risk profile
VAT errors occur in almost every business. Often these are not major errors but the danger of VAT is that it is a transactional tax which can cause ongoing issues. An error can be repeated and compounded with every transaction your business carries out.
HMRC may state that it does not view penalties as an additional revenue stream, however this is not always reflected in the behaviour of frontline staff.
Penalties for VAT errors are based on the conduct that led to the error occuring. If a business has made and error but has taken ‘reasonable care’, not penalty will be due.
A comprehensive, bespoke review of your VAT affairs provides compelling evidence that you are taking your VAT responsibilities seriously and as a business you are taking reasonable care.
By adopting a modular approach to your VAT review you are able to take control so you can:
- focus on the specific areas of risk
- address your VAT concerns
- manage/spread the cost of the review
- control the timing of each module so you can prioritise key modules and schedule the progress of the review to fit in with your business
Get in touch today to discuss how we can work with you to keep VAT becoming a headache for your business. Our modular VAT review is comprised of the following elements which you can pick and mix over an agreed period of time. The only mandatory element is module one which is the initial scoping element.
- module one: scoping meeting (mandatory element)
- module two: liability of supplies
- module three: expenditure
- module four: partial exemption
- module five: capital goods scheme