Unclaimed VAT Reviews
How it can happen
In our experience VAT can remain unclaimed/under-claimed for numerous reasons. The more common ones are as follows:–
- Input errors, keying the total of the invoice without processing any VAT
- Not identifying that the invoice includes VAT (particularly relevant with Hotel bills)
- Errors in assessment of recoverability of VAT Claim Period Due to recent changes, there is now the opportunity to recover these VAT errors for up to the last four years. Process for identification and recovery
Our Solution
- Our VAT experts examine your accounts payable transactions and identify any ‘potential’ unclaimed or under claimed VAT.
- We then verify the potential recoverable VAT back to copy invoices and also ensure that no adjustments have been made internally to correct.
- Finally all confirmed ‘recoverable’ VAT invoices are collated and a ‘reclaim’ schedule produced to enable you to claim accordingly from HMRC.
- We then liaise directly with your tax manager to ensure that all information has been supplied to enable them to make the claim.
We have identified many hundreds of thousands of pounds on behalf of Clients, representing a direct impact on Profits.