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VAT Inspection

  • VAT officers can visit your business to inspect your VAT records and make sure you’re paying or reclaiming the right amount of VAT.
  • HM Revenue and Customs (HMRC) usually contact you to arrange a visit.
  • They normally give you 7 days’ notice. They’ll confirm what information they’ll want to see, how long it’s likely to take and if they want to inspect your premises. You can ask them to delay the visit.
  • HMRC can also visit without an appointment and telephone you about your VAT.
  • VAT Visits and inspection are unavoidable at any stage of your business, areas where problem normally lies
    • The flat rate scheme where businesses continue to use discounted rates, most of the time in this case business might end up using a wrong rate, thereby, failing to calculate the flat rate VAT on the gross of standard rate supply.
    • Property and land transactions
    • Use of goods and services other than business
    • Recover of VAT on cars and staff recreation that listed as blocked items
  • To be well prepared for the VAT inspection, business must ensure that all records are available and everything is managed in a proper way.
  • The sales and purchase invoices and financial statements can be viewed by the VAT inspectors must be well maintained or up to date.
  • Once the inspector done with the inspection will show the findings to the business owner or the person responsible for compliance department and that individual has to respond in an efficient manner.
  • With good record keeping and good approach towards business finance there is no need to worry about VAT inspection
  • If you as a business owner have a concern regarding VAT inspection preparations do not hesitate to contact us.
  • We are one of the leaders in accounting and taxation in UK and have dedicated and well-read taxation professionals having years of experience in VAT inspection and preparation