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VAT Compliance Visit

Our client is a company that provides control system services to a wide range of sectors including oil and gas, petro-chemical and bio energy, working with some of the largest companies in the UK. Following an element of corporate restructure, the company was subject to a VAT compliance visit. 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
EQ attended the VAT compliance visit and met with the HMRC officer. As EQ 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.

Some of the common issues HMRC were looking into were: potential duplicate invoices; VAT treatment on personal expenditure; VAT treatment in relation to fuel costs and VAT on staff entertainment. Owing to our pre-existing relationship with the client, EQ were able to provide a detailed response along with back-up as to the treatment of the VAT in the accounts. We were also able to provide HMRC with an overview of the recent company restructure and related transactions within the account.

The compliance visit, which was scheduled to last five days, was completed in just a day and a half and even led to a net repayment to our client from HMRC of £695.

For more information or to discuss further, please contact the Tax Enquiries & Investigations Taxperts.

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