VAT Consultancy
Company tax returns form

VAT Consultancy

What is VAT consultancy for businesses?

VAT consulting is value added tax consulting, helping clients make sure they don’t pay too much VAT to HMRC and claim all the reliefs.

If you’ve got a trading entity, providing services or selling goods, VAT is applied to the many daily transactions.

VAT is a tax that can massively affect a business’s net profit and is very easy to get wrong.

If you get it wrong, there’s some large numbers in terms of transaction volume and some large figures in terms of amount £.

This is your hard won cash, that might be incorrectly paid over to HMRC.

So if you get VAT wrong, and it’s very easy to get it wrong, then you will either be paying too much VAT, which would harm your business or paying too little VAT.

Paying too little VAT could mean when the VAT man comes in to do a tax investigation, which HMRC promise they are going to be doing every seven years, HMRC will potentially slap you with big fines for careless production of accounts and try to collect assumed under paid tax/money going back seven years.

I would like to take this opportunity, to relate to a recent visit I had from the VAT Compliance Officer, its satifactory conclusion and the large part played in it by my accountants at Wagner Associates in Glasgow.

Having received notification that, I would be getting a visit from the VAT Officer to audit my business transactions and Vat payments for the last 3 years, I had to provide the necessary documents and paperwork for the meeting for him to analyse. WAGNERs verified what was required for this meeting and what would be required to be presented to the inspector, both from his records and my business details from previous 3 years paperwork.

During the period prior to the visit, I received a great deal of assistance from WAGNERs to help me get things organised properly at my end to ensure the correct paperwork was available during the inspection.

Leo Wagner was present with his records at the inspection meeting held at our premises, which I was very relieved about. The result of the visit was a very satisfactory conclusion from the inspection, with no further action.

I am very glad to have had the help of all the staff at Wagner Associates, and the professional presentation from Leo Wagner impressed the inspector, who made comment on this in his concluding remarks, and I believe went along to the satisfactory result.

Thanks you once again Leo

Paul Hart

Director of HB Electrical Installations Limited

HMRC will ask you to prove that you haven’t made this mistake over the past seven years.

An real life example is a business that undeclared VAT of £40,000 in one year and couldn’t prove the error hadn’t happened every year.

So HMRC assessed the business to 7 years of mistake at £40,000 per year.

So it can make a big difference to you and your business getting VAT wrong.

So that’s why you need an accountant specialising in tax and VAT who knows what they’re doing.

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