VAT health check is a bespoke exercise that includes many checks and reviews of your current systems, practices, processes, return filing and other matters that directly or indirectly impact your business VAT position.
The VAT is a self-assessment tax, where businesses are responsible to account for, file returns and pay the dues correctly and in a timely manner. In case of inaction or any error or misinterpretation of the VAT laws and guidance, the business may be liable to pay huge penalties retrospectively.
A Tax Agent will visit your premises to understand your business operation and accounting systems & procedures. A review of VAT compliance and opportunities will be carried out and a written report will be provided highlighting areas of concern and suggest ways of improvements.