VAT Errors: Penalties or independent audit ?
In an interesting development we have recently received instructions to undertake an independent audit of the UK VAT records of an overseas trader. The client, who is registered for VAT in this country, had completed VAT returns but made a mistake which resulted in a penalty being levied by HM Revenue & Customs. The client however was given the option of having the penalty suspended on condition that a VAT audit was undertaken by an independent accountant.
We are pleased to add this to the range of services provided to overseas traders and their UK subsidiaries.