VAT is a major cashflow component in businesses and has the potential to have a significant negative effect on profit margin.
If a business should have charged VAT but didn’t, tax authorities will often take the approach that the price paid by the customer included VAT – wiping out 16.7% of the sales margin in the UK and 18.7% in the Republic of Ireland!
VAT comprehension and compliance should therefore be high on any business’ agenda but often VAT processes and procedures aren’t given sufficient attention leading to issues during a VAT audit by HMRC or another EU tax authority. Extratax Training can work with you and your team to improve your understanding of VAT and help you make practical changes to your processes and procedures to improve your VAT compliance.
A company’s VAT return will not be accurate unless its transactions (purchase orders, purchase invoices, sales invoices etc.) are being treated correctly for VAT purposes. The VAT training available from Extratax Training ranges from VAT issues when posting invoices through to preparing the VAT return and on to review of the return before submission to HMRC, the Irish Revenue Commissioners or another tax authority.
At Extratax Training, we can develop bespoke VAT training for your team or you can join us at one of our scheduled learning events.