In April 2010, the Crown Prosecution Service (CPS) joined forces with the Revenue and Customs Prosec...
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 behaviour 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. This can lead to an interview between you and an HMRC officer to establish what exactly it is in your accounts that they view as avoidance or misrepresentation of VAT payments. To avoid penalties, complying with HMRC in their requests is necessary, and a trained specialist accountant can also deliver the required reports that HMRC need to check. Contacting one of our knowledgeable forensic accountant to pre-emptively organise your VAT contribution sum and income tax is a significant prevention method in the event of a VAT investigation.
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