Financial service group undertake a VAT health check
Our client
There was a requirement for a financial service group of companies to undertake a VAT health check. The companies in the group were separately VAT registered.
Our Approach
- Carry out a review to confirm the existing VAT structure as the most efficient
- Review the client’s partial exemption method and calculations
- Reviewed the groups AP processes to provide assurance that existing processes were robust
The Outcome
- Identified one business using an unapproved partial exemption special method which resulted in an excessive VAT restriction
- Submitted an error correction notification to HMRC recalculating the VAT recovery using the standard method
- Identified another business was using an incorrect VAT treatment. Then submitted an application for a non-statutory clearance to HMRC
- Secured additional recoveries doubling the previous residual recovery
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