One of life's certainties is that if you are a VAT registered business, sooner or later you will receive a visit from a HM Revenue & Customs officer. VAT control, or 'assurance' visits, as Customs prefers to call them, are an integral part of the system. Their main purpose is to ensure that your returns are an accurate reflection of your business activities and VAT liability. Every trader can expect a visit every few years as a matter of course.
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However, their frequency is by no means predictable. You may find yourself singled out at any time if:
Don't be caught out
The cost of being caught unawares by a VAT assurance visit can be considerable. You could find yourself facing:
A VAT assurance visit usually has two parts:
If you are not prepared, or if you are not sure of your facts, a visit can be a daunting experience. We can make your life easier by attending the meetings and assisting with answering the questions. This could save you considerable time, expense, and inconvenience. As with most other things, a professional helping hand in this area can add real value to your business.
Do contact us if you would like further help or advice on this subject.