The main purpose of a VAT examination is to make sure that as a business your handling of the VAT is in line with current VAT laws and is as effective as attainable.
It has become progressively vital for businesses to confirm that they are always totally capable of their VAT position. Through an active approach, The Tax Librarian will perform the required checks and reviews of your current practices, processes and other matters that impact the VAT position of your business. This method can help to spot whether your business is VAT compliant and if needed, we will offer you the necessary recommendations for enhancements.
HMRC are wanting to go to more and more traders who are registered for VAT, to see that VAT is being properly accounted. If a slip-up is found by one among their officers, where VAT has either been under-declared or over-claimed, they will assess you for the VAT, also they will levy a penalty of 15% and interest for the miss-declaration too.