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VAT Compliance Visit for International Client

Our client is a business providing IT services to several very large companies. Our client had grown in the last 12 months, expanding into international markets in countries such as America, India and Sweden. EQ already provide a wide range of services to the company including monthly management accounts, VAT returns and annual Financial Statements.

How we helped our client
Having assisted the client with VAT compliance visits in the past, EQ already had a good relationship with the VAT Compliance Officer who attended the visit. As we prepare the VAT returns for the client, we were able to provide turnover reconciliations for each quarter and a full explanation for the smaller queries the HMRC officer had. The officer was also granted access to the client’s digital records.

Some of the common issues HMRC were focusing on were: default VAT codes for foreign suppliers; reverse charge VAT; partial exemption and VAT in relation to motor vehicles. Due to EQ’s involvement in the management accounts throughout the year, there were very few issues. Any queries HMRC had were dealt with swiftly due to our understanding of the client and our good relationship with the Compliance Officer.

The compliance visit, which was scheduled to last three days, was completed in just under a day and led to an assessment of just £330.

For more information or to discuss further, please contact the VAT Taxperts.

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