Does your business need a VAT Brexit health check?

It's now been over a year since the UK exited the transition period as a result of its withdrawal from the European Union. This has brought some significant changes with regards to accounting for VAT and determining VAT liabilities on the supply of goods, as well as services, in particular the supply of goods and services internationally.

What is the Brexit health check we can provide?

At Lubbock Fine we have been providing our clients with a ‘Brexit health check’ to test whether new rules and procedures are being correctly implemented.

Every business is different. As we recognise that no two businesses are the same, we offer a bespoke Brexit health check review to the business we are working with.

What is our procedure?

Our health check review will always begin with some time being spent discussing your business, identifying any areas that should be focused on and answering any queries you may have. This will be followed by a review of sample VAT workings and looking at the VAT treatments of sales and purchases.

The output of this will be a report which will contain the following (the below is not exhaustive):

• A summary of your business activities and how your supplies should be treated for VAT purposes
• A check on the VAT treatment of your income streams post Brexit, to ensure you have correctly identified the VAT liability 
• Review supply chains and check if any overseas registrations are required
• Ensure you are making the most of any VAT support provided by the UK or EU government such as VAT postponed accounting
• Identify any areas where there can be VAT savings and/or recover VAT where it may not have been recovered.
• Allows you the chance to act on any errors before HMRC discover them, potentially mitigating penalties that may fall due
• Conclude with any recommendations and areas of concern that require attention  

 Why do you need a Brexit health check?

Many will agree that VAT is a complicated and ever-changing area of taxation.

Even without these significant changes as a result of Brexit, it can be a subject that is often easily overlooked. For many existing businesses it is difficult not only to keep up to date with all the VAT changes, but also to know whether their long-established VAT systems and processes are fit for purpose.

How can we help?

If you’re interested in a Brexit health check, please get in touch with our VAT team Jas Dhillon, VAT Partner (jaspaldhillon@lubbockfine.co.uk) or Omid Motaleb, VAT Senior Manager (omidmotaleb@lubbockfine.co.uk).