In today’s busy business environment, it is easy to make mistakes and certainly VAT is no exception.

VAT is a self assessing tax, which means that it is the responsibility of the taxpayer to make sure that the correct amount of VAT is being declared on the VAT return.

HM Revenue & Customs (“HMRC”) are looking to visit more VAT registered traders to check that VAT is being accounted for in a correct and timely manner.

If an error is found by an HMRC officer, where VAT has either been over claimed or under declared, they will not only assess you for the VAT but will also levy a misdeclaration penalty of 15% (and interest).

VAT Advice Line Limited offers a service whereby we undertake a VAT review of your businesses books and records and as part of the review, specifically look at areas, which, in our experience, an HMRC officer will also inspect.

One of the advantages of having us undertake a VAT health check for you is that if we find an error, you will have the opportunity to voluntarily disclose this error to HMRC and you will not incur any penalties.

Our fees for undertaking these VAT health checks can be based on an hourly rate, fixed fee or, under certain circumstances, a ‘no win no fee’ basis.

If you would like more information on this service, please contact us.