VAT Health Check
For existing businesses, it can be difficult to know whether your long-established VAT systems and processes remain up to date and fit for purpose. If your organisation has unwittingly failed to comply with VAT rules, it may be necessary to fix the problem retrospectively, meaning you could incur penalties.
If you are looking to review your internal VAT system, our VAT Health Check can help you. The experts from The VAT People will comprehensively assess your company’s approach to handling VAT, ensuring that all of these processes are in line with current VAT laws and organised as effectively as possible.
By signing up for a VAT Health Check with our team of highly experienced consultants, you can ensure your business is able to maximise the efficiency of its accounting, recognise prospective opportunities for saving VAT, and remain in full compliance with the law.
How we can help you
Our VAT Health Check service is thorough and holistic, reviewing all aspects of the way your company handles its VAT obligations and identifying practical steps you can take to address any potential issues. This includes:
- Confirming that you have correctly identified the VAT liability of all of your supplies and income streams
- Reviewing your VAT recovery procedure and processes
- Assessing your partial exemption methods and applications of the de minimis provisions, where applicable
- Reviewing your VAT treatment applied to one-off transactions, such as property purchases and sales.
- Highlighting areas of concern or opportunities
- Maximising your VAT recovery position and use of available VAT reliefs
- Determining which VAT accounting scheme is best suited for your business - for example, regular VAT accounting, cash accounting schemes, flat rate schemes etc.
As well as keeping your VAT systems working at optimal effectiveness, a VAT Health Check has the major advantage of helping you demonstrate to HM Revenue & Customs that you are making proactive efforts to comply with VAT regulations. This will ensure that penalties can be kept to a minimum, or avoided entirely, if an error is identified into your VAT accounting at a later date.
Throughout the process, you will be able to place your full trust in The VAT People. We are one of the UK’s largest and most comprehensive sources of VAT and customs advice, with our team of expert consultants working with clients across the country to address even the most complex VAT queries.
For more information about how our VAT Health Check service can work for you, contact The VAT People today on 0333 3638 012. You can also fill out our online enquiry form to request a call back at a convenient time.
For more information about the team who will be helping you review your VAT systems and processes, visit our team page.
Watch Our Videos
Get the vital information you need quickly and easily by watching one of our guidance videos - topics include VAT assessments and penalties, VAT for charities, and maximising VAT recovery.