VAT is a complicated tax that affects all private businesses, public and not-for-profit organisations. It is a substantial cost and one of the largest components of a business’s tax burden. The prevalence of Revenue VAT audits mean that businesses must focus even more on managing their VAT risk and costs. With good advice, VAT savings can be made. Our tax specialists help businesses manage all aspects their VAT affairs. We provide effective advice in dealing with complex issues and communicating developments in VAT legislation.
In a new business start-up, many clients do not have the knowledge or time to deal with the onerous administration that is involved in operating the VAT requirements of their business. By outsourcing VAT compliance responsibilities, many small and medium-sized businesses find that they can concentrate more on the “development of their of their business” and we can deal with the administration and compliance deadlines that are a part of their business.
We can offer our services covering VAT returns and bookkeeping prepared internally by our experienced staff or as part of our external client review. We have a wide range of VAT experience from the small corner shop to multi-national pharmaceutical companies. VAT can be a complex tax and even small breaches can lead to significant interest and penalties being applied by Revenue.
Unfortunately, non-compliance and incorrect submissions often result in increased cash being generated by government, by levying fines, interest and penalties for even innocent errors.
Late submissions and payments of returns are ‘red flag’s’ to Revenue and they can trigger revenue audits and enquiries that can lead to additional interest and penalties being levied on the tax payer