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.