It’s essential to keep records accurate when running a business, and this fact is highlighted in the VAT Returns process.
Of course, whether you are self-employed or operate as a limited company, you could potentially go your whole trading existence without seeing an inquiry made into the legitimacy of your accounts. It is worth bearing in mind, however, that if you did come under investigation, sloppy account maintenance could see yourself or your company fall under HMRC’s unwelcome scrutiny.
However, as most business owners will already know, HMRC is eagle eyed when it comes to VAT, so you can be sure of facing a VAT inspection at some point in your entity’s existence.
There are no grey areas here, and HMRC’s approach to VAT claims is fairly black and white. The inspector will make unfavourable adjustments if you are not able to produce valid records in support of your claims. For instance, even if you have proof of a payment made to one of your suppliers, the absence of the correct invoice will see your VAT claim disallowed.
At Plan A, our team has a wealth of expertise to help you ensure your VAT is filed correctly using the records provided, while at the same time offering advice and making recommendations to help you improve your recordkeeping practices.
We use up-to-date software to provide the best possible service, combining receipt bank integration with the use of Xero to offer only the most complete audit trail for VAT. Get in touch with us today for a demonstration of how our services can help you drive your business forward.
Quarterly/periodic analysis of vat receipts and invoices
- Calculation of Flat rate Scheme liabilities
- Completion and submission to HMRC of VAT return
- All aspects covered including Partial exemption, vat return for ne builds
- EC sales