Imagine getting a cheque for £160,000 from HMRC!
Value Added Tax (VAT) is an extremely complex tax. Even the most experienced bookkeepers can and do make serious errors – particularly if they are dealing with the more complicated areas of VAT.
We undertake bookkeeping for a large number of clients and are very familiar with all the pitfalls that can occur.
We have recently completed an exercise on behalf of a company and our team of professional accountants were able to identify that the company had underclaimed VAT in excess of £160,000, despite the fact that the bookkeeper had been in place for many years.
This was great news for the client – but of course the error could be the other way round. That could have forced the company into liquidation if the company owed a similar sum to HMRC.
Many companies who operate with unqualified bookkeepers could potentially be missing out on claiming all the VAT that is due or, worse still, understating VAT and thus causing a long term problem for the company.
Our team of professionals are obliged to take regular update training on all aspects of VAT (and all other taxes) so that they know the latest developments in recent legislation and case law.
If you would like us to review your bookkeeping processes, please get in touch. There is no guarantee of a large cheque from HMRC, but there just might be….
We strongly advise you to seek appropriate advice before taking action on any of the points listed above.
All information contained in this document are correct at the time of writing. Legislation and regulations may change at any time.
If you are in any doubt, please call us for clarification.
About us: Leggate Associates Limited was formed by Andrew Leggate LL.B FCMA FCA CGMA who has over 35 years of tax and accountancy experience in industry and practice, and the practice is managed by Joanne Leggate FMAAT ATT. Our clients range from building subcontractors to multi-million pound concerns and high net worth individuals all over the UK. Please see our website www.leggateassociates.co.uk or follow @LeggateAssoc on Twitter for occasional updates.
© 2019 Leggate Associates Ltd