VAT

Almost all commercial operations today are required to pay VAT in some form. Recognised as one of the most onerous of UK taxes, managing your VAT liabilities can be time consuming and distracting when you are trying to manage the day-to-day running or your business or organisation.

Let us help you

From registering for VAT for the first time, to filing VAT returns, to ensuring that you are following the most appropriate VAT scheme, or even deregistration, our highly experienced team of tax specialists will work on your behalf to negotiate the complex tax system and take the burden of VAT management off your shoulders, so you can get on with running your business.

Boasting specialist VAT knowledge, our tax team combines technical expertise with practical experience to assist with any VAT challenges your business may face, including VAT advice, disputes and compliance services. Our aim is to provide high quality advice and to find pragmatic, cost-effective solutions.

VAT Review

A review of VAT systems and procedures is designed to identify opportunities to save time, save money and reduce risk.

VAT affects different sectors in different ways. Our dedicated specialists will review your records and accounting processes to provide assurance over how complex VAT legislation and HMRC policies apply in relation to your specific business. The review can even be structured to mimic an HMRC enquiry.

Following detailed examination, a summary report is produced highlighting key areas and shares recommendations for action or further investigation.

A review is especially recommended for businesses making exempt supplies who cannot recover all input VAT incurred on costs and those operating in high-risk areas such as construction, retail, charities, financial services, health and welfare, overseas transactions etc.

The review focuses on:

VAT legislation

Providing peace of mind and assurance that the business is complaint with up-to-date VAT legislation and HMRC best practice

Reducing potential penalties

Highlighting errors made, before HMRC discover them

Identifying opportunities

To save money, make claims for underclaimed/overpaid VAT and manage risk

Avoiding an HMRC enquiry

Sense checking figures declared on returns to help avoid an HMRC enquiry flagged due to inconsistencies and ensuring compliance with Making Tax Digital requirements

Reviewing complexities

Reviewing complexities unique to your business sector – for example, the operation of partial exemption, margin schemes etc.

Evidencing Figures

Ensuring correct records and documentation are kept to evidence figures in the returns

VAT liability

Evaluating the VAT liability of supplies made

Tracing Sale Testing

Tracing sales declared on returns to those shown in the financial accountants – a standard HMRC test

Ensuring compliance

Checking that the correct treatment is applied to land transactions – and ensure compliance with specific rules and conditions

Imports and exports

Assessing the treatment of overseas supplies including imports and exports, and any services made to, or received from, foreign countries

Scrutinising high risk areas

Scrutinising high risk areas of the purchase ledger – such as motoring expenses, staff expense claims, business entertaining/gifts etc.

Get in touch for forward-thinking, impartial advice

With offices in Bury St Edmunds, Colchester and Ipswich, we’re close enough for meetings with clients from all over the East of England. Got something on your mind? We’ll be happy to listen and give you our thoughts.