VAT Health checks

VAT Health checks:

A VAT Health Check is a comprehensive review of a business’s VAT processes, aimed at ensuring accurate VAT accounting in accordance with current VAT legislation practice thereby reducing the risk of potentially costly mistakes.

The key components of our VAT health checks are:

VAT Registration and Special Schemes:

Verify that the business is correctly registered for VAT under the appropriate type of VAT registration.
Assess whether any special VAT schemes (such as the Flat Rate Scheme or Cash Accounting Scheme) apply to the specific business.

Partial Input VAT Recovery:

Review partial exemption calculations to ensure accurate recovery of input VAT.
This is particularly relevant when a business deals with both taxable and exempt supplies.

Risk Areas and Concerns:

Delve into specific risk areas identified by the business.
Address any potential issues related to VAT compliance.

VAT Health checks:

Sample Transaction Review:

Examine a sample of transactions to ensure they align with applicable VAT rules.
Identify any discrepancies or errors in VAT treatment.

Flagging Issues and Recommendations:

Highlight any identified VAT issues.
Provide recommendations for addressing these issues effectively.

Cost Savings and Planning Opportunities:

Identify potential VAT cost savings.
Explore planning opportunities to optimise VAT management.

Industry-Specific Considerations:

Ensure that industry-specific VAT matters are handled correctly.
Prepare for industry specific scrutiny during VAT inspections or investigations by HMRC.