VAT Compliance

Our compliance service packages can include:

  • Compliance function management, including overseeing the work involved with the preparation and submission of the VAT returns the firm is responsible for preparing and submitting.
  • Operation of internal VAT helpdesk, providing support for the firm’s staff in dealing with:
    • Quick queries (requiring less than an hour to deal with)
    • VAT return sign off
    • VAT restriction calculations
    • Capital Goods Scheme calculations
    • Identifying VAT advisory project work from queries
    • Quoting project work
  • Preparation of HMRC forms, including:
    • VAT registration/de-registration
    • Option to tax
    • Error corrections
  • HMRC investigation support

The VAT Team’s unique offering provides firms with a guaranteed monthly commitment of hours for a fixed hourly rate.

Compliance Review

The VAT Team support clients managing thousands of VAT returns every year. This unique perspective has enabled us to develop a framework for identifying risks and opportunities within firm’s VAT return compliance systems that saves time, money and mitigates risk.

Our compliance review is a fixed fee project that will highlight risk exposure and provide a go-forward framework provided in a summary report that will significantly improve efficiency – whether you use in-house, outsourced, or combination delivery for your compliance work.

Our compliance review includes:

  • LOE review - responsibility and reputational risk exposure
  • Onboarding procedure review – risk and opportunity analysis
  • Risk analysis of the VAT return preparation and review procedure
  • Recommendations for improved Internal procedure and risk management

The benefits

This work identifies system improvements typically resulting in a 75% reduction in handover time, and a 50% reduction in review time, allowing twice as many VAT returns to be reviewed in the same number of hours. The error rate is also significantly reduced, helping to manage and mitigate PI, litigation and reputational risk.

We have seen a typical return on investment of 3-400% in year one. Other benefits include:

  • Increased efficiency
  • Increased cross selling opportunities
  • Increased customer satisfaction
  • Enhance firm’s VAT compliance reputation
  • Safeguard other service-line income
  • Reduce costs

For clients that are responsible for preparing/submitting 300+ client VAT returns the Compliance Systems Review is a cost effective product that offers a clear return on investment. This works particularly well with The VAT Team’s Compliance services.

Our Compliance Review operates on a fixed fee basis, David heads up our Compliance team, so please complete a contact form and he will be in touch.

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