Is the VAT Inspector due?
No need to worry, Shaikh & Co can carry out a complete Healthcheck on your VAT and put your mind at rest.
One of the most complicated and confusing tax regimes imposed on a business is Value Added Tax. During the course of your busy day it is all too easy to make mistakes and keeping your VAT records up to date and totally correct is no exception. VAT is a self-assessing tax, in other words it is the responsibility of the taxpayer to make sure that the correct amount is being declared on their VAT return.
On the other hand are you making the correct amount of claims and claiming for all the VAT that you are entitled to? We will advise and help you determine these. If you are a property developer or investor in properties speak to us, as our professional advice could save you considerable sums of money.
HMRC are looking to visit more and more traders who are registered for VAT, to check that VAT is being accounted for correctly. If an error is found by one of their officers, where VAT has either been under-declared or over-claimed, they will not only assess you for the VAT but will also levy a penalty of 15% plus interest for the mis-declaration.
During our VAT Healthcheck we will test your paperwork for the most common errors that VATman looks for, check your annual accounts against your VAT returns, ensure that your sales are noted correctly, identify future VAT planning opportunities and ensure you are applying the correct rules of VAT schemes. Finally we will negotiate with HMRC on your behalf should any disputes arise.
Would your VAT records stand up to scrutiny? If you are doubtful about this, then why not contact us today?
See our VAT Helpsheets for more information.