Chartered Management Accountants | Milton Keynes
One of life’s certainties is that if you are a VAT registered business, sooner or later you will receive a check of your VAT affairs by an HMRC officer, either at your business location or increasingly remotely. VAT inspections, or ‘checks’, as HMRC prefers to call them, are an integral part of the system. Their main purpose is to ensure that your returns are an accurate reflection of your business activities and VAT liability.
However, their frequency is by no means predictable. You may find yourself singled out at any time if:
The higher the perceived risk, the more likely it is that you will receive a VAT visit in person, rather than a questionnaire and follow-up telephone call.
The cost of being caught unawares by a VAT visit can be considerable. You could find yourself facing:
A VAT visit usually has two parts:
If you are not prepared, or if you are not sure of your facts, a visit can be a daunting experience. We can make your life easier by attending the meetings and assisting with answering the questions. This could save you considerable time, expense, and inconvenience. As with most other things, a professional helping hand in this area can add real value to your business.
We can help you avoid unnecessary cost and inconvenience by:
Contact us if you would like further help or advice on this subject.
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