Avoiding Costly VAT Errors

We have recently had a number of calls from client’s using the new cloud based software packages. A common theme seems to be that the business assumes that the software will be able to identify and block VAT recovery where VAT cannot be claimed for example when the supplier is not VAT registered. If the software default is to treat all purchase invoices as inclusive of standard rated VAT this can create substantial over claims of input VAT. Like all software packages, the information produced by cloud based accounting packages is only as good as the person that has input the information.

It is always worth sense checking how your business accounts for VAT as simple errors can be costly. Our firm can undertake a VAT review for your organisation to identify if there are missed VAT accounting errors or opportunities. This can result in real VAT savings and a review also contributes to the evidence that a business has taken reasonable care and can help reduce penalties if an underpayment of VAT has occurred.

Please give our free VAT helpline a call if you are interested in the VAT review service, or have any other VAT questions that you would like to discuss with one of our VAT consultants. The initial conversation is always free of charge and we will always provide a fee proposal in advance for any queries where our consultant identifies that the VAT issue or opportunity cannot be dealt with in the course of a brief phone call.

 

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