VAT inspections

A client operating in the hedge fund and private equity industry recently had a VAT inspection.

The inspector requested a personal meeting in order to understand detailed information about the business, reconciliation of the VAT returns going back two years to the VAT account and related working papers. The HMRC Officer also requested to see sales and purchase invoices, investment management agreements and other supporting contracts and correspondence.

Working with the client, our VAT specialist worked through the likely queries which the Officer would raise – and indeed did raise – during the inspection. Along with the accounts, we were able to bring to the inspection all the paperwork and accounting figures that had been formally requested – meaning that the inspection was completed with just a handful of follow-up queries. With our VAT specialist responding promptly to these, the inspection was closed with no issues – to the delight of the client.

 
 
Trevor Brown, Director, Throgmorton: “Most businesses trading in the financial services industry will at some point be involved with a VAT inspection at their offices. Our VAT specialists are able to handle these jointly with clients, providing reassurance and expertise to ensure that they are managed smoothly.”

For VAT advice contact Kerry Kelly.

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