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VAT Inspections: Be Prepared!
With VAT inspections on the increase, here are our Top Tips to help yours go smoothly:
1. Do your prep. Make sure your business records are ready and easy to review and review your records for any potential issues in advance.
2. Ensure the right people will be available on inspection day.
3. Provide information that is clear and accurate, otherwise you might set the inspector off down an unnecessary line of enquiry.
4. If you discovered any VAT errors in your preparation, tell the inspector early in the visit. Your willing disclosure could have a bearing on any subsequent penalties.
5. Throughout the inspection, keep notes of topics discussed and information provided.
At the end of the visit:
6. Ask the inspector to explain what he/she has reviewed and what the outcome was.
7. Agree action points.
8. If the inspector suggests a different VAT treatment or issues an assessment for additional VAT, penalties or interest, seek professional advice.
Need to know more, please just contact your McLintocks Partner.
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