When we complete your VAT Return we do not just take the figures from your bookkeeping and submit them to HRMC. We start by reviewing your bookkeeping, because if there are any inaccuracies then this will mean that the VAT Return may also be incorrect.
We pay particular attention to ensuring that you are claiming for all VAT your business has incurred, ensuring you pay as little VAT as possible to HMRC. Once we are happy that the bookkeeping is accurate we will review your businesses circumstances to see if any recommendations can be made to you.
Our recommendations can range from advising you to de-register for VAT if you fall below the threshold, and ensuring you are on the most beneficial VAT scheme for your business. So for example, if your customers tend to take a while to pay you after you raise your invoices but you pay your suppliers straight away then we may recommend cash accounting for your VAT as this would vastly improve your cash flow.
Once the recommendations have been considered, another Senior Accountant will be given your work to double check your VAT Return, and everything is accurate. Once confirmed, you will be sent the figures to review and when everyone is happy we will submit the VAT Return to HMRC.
This thorough process ensures that there is a vastly reduced risk of errors with your VAT Return, keeping you and HMRC happy, and should you have a VAT Investigation, then we can be confident everything is well documented. It also ensures that you do not pay a penny more in VAT over to HMRC than you have to!
HMRC can launch an investigation into your VAT affairs either at random or because figures you have submitted to them do not look correct. They also conduct VAT inspections more frequently for industries that are more likely to submit inaccurate returns or for industries that tend to have complex VAT affairs.
By appointing Hammond & Co to handle your VAT Return calculations and submissions, this will give you will have peace of mind and confidence should you be selected.
If you have any questions or you're ready to make a start, just send your number and we'll call you.