Problem in business

Risk Management

A VAT review will reduce the high risk of errors.  However, a prudent business must consider risk management as a broader issue, in particular:

  • when it needs to take advice;
  • how it recruits and trains staff;
  • how it records review procedures;
  • the processes it needs to deal with unexpected events (eg procedure manuals to allow an unexpected illness to a key member of staff to be covered);
  • when it needs to seek an HMRC clearance.

A failure to deal adequately with these issues significantly increases the risk errors and as a result, penalties and surcharges.

Have you addressed all these areas within your organisation? If not and you need assistance CVC is able to help.