By initiating a VAT health check, you are taking the opportunity to protect your business from any unexpected non-compliant areas of your ledger management process. Either way, it’s a process that gives peace of mind.
As organisations evolve, supply chains, billing structures, supplier & customer data setup, for example, can cause mistakes and pose a real risk to what is usually a compliant business.
Effective management of VAT can result not only in the correct reporting of VAT and hence prevention of potential VAT penalties and interest, but also allows identifying the potential VAT savings and other efficiencies.
Once we gain a clear understanding of your business and processes, we will review your companies transactional data, following transactions from PO to payment, including an in-depth analysis of your current VAT systems. Our investigation and review will cover transaction types, VAT codes, supplier and customer data, indirect tax filings such as VAT, ESL/VIES Intrastat, and considerations of the possible impact caused by BREXIT. Our findings will enable us to develop a comprehensive view of your accounting chain within your organisation.
A VAT Health Check will typically take approximately 30 hours to complete. If additional information indicates any significant issues that require further investigation, we will advise you of our findings and discuss your options.
