VAT Compliance ReviewsBusinesses 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. |
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They say the devil is in the detail, and it is never more true than in the case of VAT and Indirect Taxes. We have experience working on highly complex assignments, including land & property, international supplies, and in the not for profit sector. We will provide the level of input required to give you peace of mind and assurance, and will highlight the questions that you never knew to ask.
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The best answer for VAT purposes does not necessarily mean it is the most appropriate advice. We have the experience to take a step back and consider the bigger picture and goals of the client. Where necessary we will liaise with the other advisors, ensuring that the options for VAT and Indirect Tax advice results in the most commercial outcome.
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We appreciate the need for timely advice and the importance of being available. We will balance the business in favour of quality over quantity, and ensure that we are well placed to meet our clients’ expectations on budget and speed of delivery.
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VITA has identified and will look to fill a gap in the market for quality and cost-effective advice. As Scotland’s largest independent firm of VAT and Indirect Tax advisors, we are a fast growing business looking for strong and long standing relationships.
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