Getting your VAT right is essential. Mistakes can and will cost you and your business dear.
It’s a complex area, affecting all aspects of businesses and, as a self-assessing tax, it’s your responsibility to make the correct returns. VAT can impact on both your purchases and sales and getting VAT accounting right will help you to optimise any potential savings.
If anything is incorrect, HMRC has the power to go back four years to collect VAT that has been under accounted for and/or over-claimed. It can also impose interest and quite significant penalties; particularly on errors it discovers and which haven’t been voluntarily disclosed.
Lubbock Fine’s VAT Health Check
The Lubbock Fine VAT Health Check is designed as a review of your VAT liabilities and VAT return processes. It provides a level of comfort knowing that you are getting it right, or it might highlight changes that need to be made as well as any disclosures that should be made to HMRC.
We can provide different levels of health check depending on the size and complexity of your business, tailoring and pricing this according to your needs. For example, is it just your process that requires review (and/or VAT liabilities of sales) or does your business need a full process and liability review? This will largely depend upon the complexity of your VAT profile and number of transactions involved.
Following the review we will provide you with a user friendly report detailing our findings, giving you a summary of areas requiring improvement, confirmation of the VAT liabilities of income streams and advising on any VAT savings, where applicable.
VAT needn’t be business foe and approached correctly it can even prove to be a friend, leading to tangible savings and help with cash-flow. With the approach of Brexit there’s never been a better time to check out your VAT position.