VAT review ― overview

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note is intended to provide an overview of the areas that should be considered as part of a VAT review. This document should be used in conjunction with the VAT review checklist Checklist ― VAT review when undertaking a review to seek to ensure all the relevant items have been covered.

Whilst this guidance and associated checklist have been prepared to seek to cover the common issues and risks which might arise, care should be taken to ensure that any specific business or sector issues are considered as part of a comprehensive review.

Importance of VAT reviews and due diligence

It is important for businesses to carry out regular VAT reviews to ensure compliance but also to gain a greater understanding of the VAT profile of the business. The value of VAT flowing through a business can be significant, and VAT reviews provide the opportunity to ensure any issues with VAT accounting are captured and resolved. This can mitigate the risk of overpayments of VAT that represent a real cost to a business, or

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