Often we received a call for help as a result of a VAT inspection that an organisation has received.
Investing in good VAT compliance procedures and checks is a cost but as VAT penalties are influenced by behaviour we like to suggest that investing in proactive VAT compliance management could save an organisation real money. The penalty levied on a VAT error can be reduced from 30% of the VAT amount to nil if an argument of “reasonable care” can be presented.
Taking time to proactively look at VAT processes can unlock real VAT savings by maximising VAT recovery on costs at the earliest point or challenging VAT incurred from suppliers where VAT reliefs could have been accessed.
In one recent case we were able to reduce the threat of a penalty for a public sector client from £300k to a settled penalty of under £10k.
"We were recommended Centurion VAT to advise the national governing body on calculation and reporting Partial Exemption concerning sports associations. Their expert advice and flexible approach to our needs resolved our concerns very efficiently. The team gave absolute clarity to what seemed to us to be a challenging and complex problem, working to very short timescales as well as understanding our business as a small association managed by a board of volunteer directors. I’d happily recommend Centurion VAT to any of my business contacts."