VAT review ― overview

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note is intended to provide an overview of the areas that should be considered as part of a VAT review. This document should be used in conjunction with the VAT review checklist Checklist ― VAT review when undertaking a review to seek to ensure all the relevant items have been covered.

Whilst this guidance and associated checklist have been prepared to seek to cover the common issues and risks which might arise, care should be taken to ensure that any specific business or sector issues are considered as part of a comprehensive review.

Importance of VAT reviews and due diligence

It is important for businesses to carry out regular VAT reviews to ensure compliance but also to gain a greater understanding of the VAT profile of the business. The value of VAT flowing through a business can be significant, and VAT reviews provide the opportunity to ensure any issues with VAT accounting are captured and resolved. This can mitigate the risk of overpayments of VAT that represent a real cost to a business, or

Continue reading

To read the full Guidance note, register for a free trial of Tolley+™

TAKE A FREE TRIAL

Popular Articles

Employment Tax

Incentives, awards and prizes

Incentives, awards and prizesIntroduction ― incentives, awards and prizesEmployers may use a variety of methods to reward and encourage employees in their work. These are commonly known as incentives, awards or prizes. For the purposes of this note, the term ‘award’ will be used to cover all

14 Jul 2020 11:57 | Produced by Tolley Read more

Value Added Tax

Supplies of goods and services connected with education

Supplies of goods and services connected with educationThis guidance note provides an overview of the VAT treatment of goods and services provided in connection with supplies of education. This should be read in conjunction with the following guidance notes:•Supplies of education•Local authority

14 Jul 2020 13:44 | Produced by Tolley Read more

Exemption ― insurance ― overview

Exemption ― insurance ― overviewThis guidance note provides an overview of the VAT treatment of insurance products and should be read in conjunction with the Insurance ― specific transactions and Exemption ― insurance ― brokers and agents guidance notes.Is insurance exempt from VAT?Supplies of

��Ƶ