VAT Inspections with the Hollies Bookkeeping Services

When it comes to VAT, it’s all about having the paperwork to back it up and here at the Hollies Bookkeeping Services in Shropshire, we undergo regular VAT inspections.

It’s our job to make sure that you are submitting the right paperwork and paying the right amount of VAT. It also ensures that when HMRC comes calling to inspect what are doing everything is in order.

We completely understand that getting all this paperwork together is a massive pain and not something you have the time or even the desire for.

But VAT is a complicated area and it’s best that you put it in the hands of the professionals if you aren’t sure – we need to make sure we are doing together.

From time-to-time VAT officers can visit your business to inspect your VAT records (these visits are known as compliance checks) and make sure you’re paying or reclaiming the right amount of VAT.

HM Revenue and Customs (HMRC) usually contact you to arrange a visit. And they also contact us if you have charged us with handling your VAT return – it’s exactly the same and we need to make sure we have got it right for you.

We (or they) usually give you seven days’ notice. When they get in contact they will confirm what information they’ll want to see, how long the visit is likely to take and if they want to inspect your premises.

If you (or we) aren’t ready - you can ask for the visit to be delayed. However, HMRC can also visit without an appointment and call you about your VAT – so it pays to be ready and have everything in order.

HMRC gives this advice about calls from them:

Check if a call is genuine

HMRC will already have your name and your business’s name when they call. They will not ask you for any personal information, like your bank details.

You can phone the VAT helpline to check if a call is from HMRC.

How often do checks happen?

How often you get a visit depends on:

• how big or complex your business is

• whether you’ve submitted late or incorrect VAT Returns before

During the visit:

HMRC will work with you to put right any problems with your VAT. They’ll also tell you about any additional tax and penalty you have to pay.

Helping them with the check will reduce the amount of any penalty.

After the visit:

Afterwards, HMRC will write to you confirming:

• what you must do to improve your VAT record keeping

• any corrections you must make to your VAT account

• if you’re overpaying or underpaying your VAT

• any penalty you have to pay

• You can appeal an HMRC decision but you must do it within 30 days.

If you’d like to discuss your VAT returns with us here at The Hollies Bookkeeping, please call us on 01743 790086 or email info@holliesbookkeeping.co.uk