VAT Planning VAT Review

When preparing VAT returns for clients we also analyse various areas of the ledgers to see if there are any schemes or ideas that we can recommend that will reduce the prospects vat bill Sometimes having more information about the clients business in general will increase the chances of finding an appropriate scheme that will either reduce vat payable or avoid penalties & Investigations

VAT Review You will need to perform a VAT review in order to collate more information Go to the Account Open a New Review Select VAT Review Call the client and complete the Review

VAT Review & Admin After you have completed the review make sure you update the VAT Review Performed field and any other relevant fields

After the VAT Review After you have completed the review, the results will be analysed and suggestions for schemes or ideas to reduce the vat bill will be noted You will a task with instructions of what to discuss with the client, or a request for more information, or notification that because of potential complexity of the situation, a more experienced person will be dealing with the case

VAT Planning Check Solutions in Salesforce for more information on VAT planning and key VAT planning areas To view the initial report - go to D jtCf The more you know, the more involved with the actual planning, presenting & negotiating you can get

VAT Planning VAT Planning is often about ensuring clients are: Claiming for all input vat Operating the correct VAT schemes Have good bookkeeping routines Have good management & operational controls

VAT Planning We have had significant success in helping clients to reduce their VAT bills, simply by ensuring proper management takes place and the areas noted on the previous page are undertaken We generally charge a percentage on VAT saved or a fixed fee depending on what service we have performed or introduced

VAT Reviews Initial Tasks are generated based on high or higher than expected VAT bills and can be automated or specifically assigned to you

VAT Reviews VAT Planning can very easily slide into areas of illegality & areas that are frowned upon by HMRC Clients are generally not looking to do anything illegal but they are often unaware of the difference between avoidance (can be naughty) and evasion (always very, very naughty) – In actuality it is often difficult to know the difference even for experts! Which is why it is best to simply complete the review, note any queries or problems and let a more experience staff member ensure not only the viability of a vat saving idea but the legality of the idea

VAT Review If the prospect asks any specific questions or issues either transfer call to Tony or advise the client that you will get one of the accountants to call them back – set up a task, finish the review and update the Account records

VAT Review There will be one of four responses 1- OK go ahead with Review Now Set up the VAT Review Record and complete

VAT Review 2 Reappoint to Another Time Reappoint and set up a task – share the task with yourself to make sure it is you that calls

VAT Review 3 – Client is not Interested in discussing Update the Salesforce Fields with the reasons why and or the general response fields

VAT Review 4 – Client is uncontactable Simply tell note the task accordingly and assign to manager Obviously after a reasonable amount of calling

Commissions The sale process has 4 commissionable levels and is payable when the first instalment is received after sign up. 1 Opportunity gen (accountants) 2 Review 3 Analysis 4 Negotiation & close

Essential Research As a judge famously said: “…beyond the everyday world lies the world of VAT, a kind of fiscal theme park in which factual and legal realities are suspended or inverted”. The more you discover about VAT the more you come to realise that situations are seldom as straightforward as they appear. You will increasingly learn to think of VAT as a risk management issue, not an exact science so try and read up regularly on VAT, there is a lot of material out there VAT evasion is illegal. VAT avoidance is perfectly legal but is frowned upon by the UK tax authority, which will use all the powers at its disposal to prevent avoidance, including undertaking investigations designed to cause commercial disruption and litigating. So where does a taxpayer stand? Given a range of options as to how to structure a transaction is he obliged to choose the option that creates the largest tax payment in order to keep the VAT inspector happy? HMRC’s position is that a taxpayer is entitled to structure his affairs as he sees fit except where the structure has saving VAT as its sole or main motivation. In short, provided a transaction has a genuine commercial motive it is acceptable – as are the tax consequences that flow from that transaction. READ UP ON VAT Check Team Zone Business Edge TV Solutions The internet

Go be a VAT Expert