vat inspection

[winton50]

I am getting a visit from my local VAT office

what can I expect?

any experiences?

 

[Ozzy]

I've never had an "inspection", but I have dealt a lot with HMCR and they tend to be OK. If you are worried it may be worth asking your accountant to attend at the same time to answer any questions you may not be able to. If I had an inspoection I know I would make sure my accountant was there with me (but then my accountant is also my Finance Director).

 

[Alpha]

Stuart
As you are an accountant by training, if i remember correctly there should be nothing much to worry about. Just sit them down with a cup of tea and give them the records they request.(Normally look at three years including vat returns, bank statements, up to date accounts and records)

They will have standard thing they look for such as ensuring that invoices and receipts have a vat number on them, expenses are another favourite especially if you are claiming fuel(they will check to ensure that the fuel scale charges have been applied).

They will of course also do a systems check to ensure that your record keeping is good(this means less work and checking for them), will talk to you generally about the business and have a look at stock on the premises.
At the end of the visit they should advise you of any under/over payments they believe you have made and any actions they believe you need to take.

Following the visit they should write to you outlining the outcomes of the visit and if any adjustment is required will issue you with an assessment bill.

All in all it should not be a problem and should only take about 3/4hours.

 

[mm2005]

My last VAT Inspection was over the telephone. As the client was a Belgian company and we had an inspection within the last year all I had to do was answer a couple of questions and fax a few documents.

Best one I've had yet.

Normally - the inspector wants to look at invoices with large VAT amounts on them, and also cash transactions. Don't worry -so long as you are trying to follow the rules they are usually very helpful. A cup of tea or coffee is always appreciated.

 

[nickb]

We've had quite a few-being an import business we claim VAT back from them quite often so I think they get a bit suspicious,lol

Always been really nice people-very understanding if there have been any little errors along the way