Compliance Reviews

Businesses are carrying a greater VAT and penalty risk than ever before. HMRC do not have the staffing levels to carry out frequent audits, and businesses often don’t have the inherent knowledge to identify underlying problems or opportunities.

It is therefore common for such issues to continue for extended periods, repeating themselves until eventually they are found by which point the values can be significant.

In order to counter the above financial risk, we can undertake in-depth reviews of the controls and processes in place, with the objective of identifying risks and areas of opportunity. The output is an easy to understand ‘traffic light’ report, clearly setting out our findings and the actions to should be prioritised.

Such reviews can assist you to improve compliance and show HMRC that the business demonstrates “reasonable care” and is proactive in its tax management, thereby reducing the risk of penalties being imposed.

Where we identify any areas requiring disclosure to HMRC, we would also be happy to assist in this process.