Increased VAT Inspection Activity from HMRC – Exporters – Colleges of Further Education
We have reported in recent Newsletters on a noticeable level of increased VAT visit activity by HMRC. This trend continues in businesses that Import and Export Goods. The impact of penalties is seemingly an opening conversation point with every VAT Officer these days and with the risk of a 30% penalty as a starting point then clearly these additional costs are to be avoided if at all possible. Admittedly this does involve being proactive in reviewing areas of potential VAT risk before HMRC plan any visit. We continue to encourage accountants to review their client lists and identify those business sectors susceptible to VAT risks – Exporters remain one such sector.
Any accountants with clients in the FE College sector or who sit on Boards of Colleges should be aware that HMRC have recently made it known that the Welsh FE Sector should prepare for a VAT visit. As you’ll be aware Centurion are specialists in VAT and Education Sector so if a point of concern arises do let us know.