VAT compliance

4 Eyes Ltd advises on VAT compliance and VAT planning. We offer training, VAT reviews and one-off advice on transactions. We can assist in negotiations with HM Revenue and Customs (including making a voluntary disclosure of any error and submitting VAT reclaims). 4 Eyes Ltd can also approach HM Revenue and Customs for confirmation of your proposed VAT treatment for a future transaction where this is not clear from published guidance and will routinely identify available VAT savings when reviewing projects.

Often traders are unaware of problems with their VAT compliance and only become aware of these following a VAT control visit. Typically, an assessment for underpaid VAT will follow, together with interest and a possible misdeclaration penalty. Unfortunately, a visiting VAT control officer will seldom identify errors in your favour!

Effective planning and the implementation of fully compliant VAT accounting can help reduce costs and will invariably improve cash flow.

The person submitting the VAT return is responsible for ensuring that it is correct to the best of their knowledge. Can you or other board members/ partners be sure of this? You may be personally liable for an incorrect return.

The Senior Accounting Officer (SAO) may have personal responsibility for errors. Are you happy that you have taken all reasonable steps to ensure that your business is VAT compliant?