VAT inspectors are sent out to verify that returns filed correctly reflect the underlying accounting records of the tax payer.
They will conduct as many tests as they feel are necessary to satisfy themselves on this point. For instance:
Additionally inspectors will ask to see annual accounts.
Prior to the visit you should ask the VAT office to clarify what period they will be checking and ensure you have all the records to hand to satisfy points 1 to 6 above.
If you receive notice of an impending visit please call if you need help gathering together the required information. Be prepared.
Disclaimer – Please note:The ideas shared with you in this factsheet are intended to inform rather than advise. Taxpayers' circumstances do vary and if you feel that tax strategies we have outlined may be beneficial it is important that you contact us before implementation. If you do or do not take action as a result of reading this tax factsheet, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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