VAT Inspection, Dealing with a

Any business registered to pay VAT will have to deal with a VAT inspection at some point during the first three years of registration. However, late payers and payment defaulters will be visited more frequently. After the initial VAT inspection intermittent inspections are carried out. Any business registered for VAT will face regular inspections, therefore it is vital that you develop an efficient record keeping system as early as possible. During a VAT inspection, Customs and Excise Officers will need to see business records and discuss how you can manage your VAT accounting system. You should therefore be prepared for the Officers to examine or discuss the following: Your business premises Business records and documentation Be prepared to deal with any errors Discuss any difficulties yo... »