VAT Compliance Checks
Imports and Exports
VAT for Restaurants
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VAT investigations are headed by HMRC and are standard procedure to investigate the VAT records of any company and establish whether the correct sum of VAT is being paid or that a company is reclaiming the right sum. A VAT investigation can happen at any time and a company is generally allowed up to 7 days to prepare for the visit which can be delayed with good reason. While most VAT checks are routine, a full investigation can be performed if any suspicious behavior is reported to HMRC or if a company’s VAT reports are inconsistent and varying in nature. In instances where HMRC believe that there is fabrication in the VAT reports, a VAT inspection could be unannounced and HMRC VAT inspectors can arrive at your business or phone you to request information and view your records. If you have received a letter from HMRC contact our team of ex HMRC inspectors for advice.
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Normal accounting is focused on reporting profit or loss of the business and will be governed by GAAP. But Tax accounting is majorly focused on the impact of transactions on tax liability.
Every business including sole traders, partnerships, limited companies and large business will plan for their taxes and make amendments to financial statements and include any past or future tax liabilities through tax accounting entries.
Tax accounting enables and empowers business to comply with tax law and prepare for any future tax liability. Tax Accounting is part of accounting which will be governed by the laws of taxes in that jurisdiction.
Apart from tax compliance, tax accounting will help you generate cash flow in real terms. Any future tax liability will be added to cash flow of business in order to save money for future tax payments.
HMRC have published guidance to record income and expenditure on cash basis or accrual basis. They will accept any tax planning which is part of final accounts and is not tax avoidance.
No tax accountant is not more expensive then a normal accountant. We have specialist knowledge and experience to minimise your tax bills.
There is not much difference in the costs. Most of tax accountants will charge for advice and tax planning. Whereas accounting will be the same for every business. The difference is to include tax planning in accounts.
Your accountant may have included some normal tax provisions. If not you may be able to make adjustments in your current financial year. If you are loosing any tax reliefs, you may need to amend accounts and resubmit to HMRC and companies house.
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Although tax officials have extended powers to bring criminal proceedings, their initial enquiry is not with a view to prosecution. Their ultimate goal is to recover unpaid taxes.