Whether you operate in the corporate or not-for-profit sector VAT impacts on the transactions you undertake in some form or another. Having effective processes and procedures in place to manage VAT should help ensure that you are able to pay the right amount of VAT at the right time, thus ensuring you manage your cash flow as effectively as possible and minimise the risk of errors arising.
The benefit of understanding the correct VAT position is twofold:
- there is less likelihood of customers querying your invoices and delaying payment whilst issues are resolved
- assessments for VAT and penalties are less likely to be raised by HMRC.
Our team of VAT specialists is able to provide you with high quality, pragmatic advice that adds value and helps you mitigate the impact of this tax on your business.
We also provide the following services:
Regardless of whether you are a global head of indirect tax or a sole trader, there are times when you need an immediate answer or second opinion on a VAT or customs duty issue, whether there are major contracts about to be signed or your VAT return is due for submission.
Our consultants are available at the end of the telephone or by email to answer your queries and we can create a bespoke helpline service to fit the specific needs of your business.
We can provide written confirmation of our advice if necessary.
VAT and Duty Healthchecks
Our VAT and duty healthchecks aim to identify areas of potential risk and to offer solutions and recommendations on how you can best minimise this risk. In addition, healthchecks can be focused on identifying savings opportunities (both P&L and working capital).
We conduct healthchecks according to clients’ individual needs – from a couple of hours for a basic healthcheck to provide reassurance that the correct procedures are being used in a particular area to an in-depth examination of VAT accounting records lasting days.
We have a healthcheck toolkit that we use to perform the review, tailored to be relevant to your business. This toolkit can also be used outside the UK, therefore offering a significant degree of consistency to teams looking to carry out healthchecks globally.
We have considerable experience in representing clients at VAT Tribunals and have regularly had success in appeals against surcharges, penalties and various liability rulings imposed by HMRC. Our aim is to try to reach agreement with HMRC before a hearing takes place but this may not always be possible.
Appeals can take several months. Our understanding of Tribunal procedures means that we can look after your appeal whilst you continue to focus on other issues. We will also ensure, wherever possible, that we recover your costs from HMRC. As an independent, we do not have the sort of SEC related constraints faced by advisors that have an audit practice.
VAT and Duty Planning
We are able to offer valuable and commercial advice on the most effective way of structuring your business and transactions from a VAT and customs duty perspective. Planning at the outset of a new project should ensure any VAT and duty pitfalls are identified and avoided and that you are best placed to mitigate the cost of VAT and duty to the transactions.
If the arrangements are already in place we can carry out post implementation reviews, involving the review of contractual arrangements and other project documentation along with the commercial reality to ensure that the arrangement does not create any exposures.