Here is a detailed look at our process:
- We will prepare your quarterly VAT returns on the basis of the information and explanations supplied by you.
- Based on the information that you provide to us; we will tell you how much you should pay and when. If appropriate, we will initiate repayment claims where tax has been overpaid. We will advise on the interest and penalty implications if VAT is paid late.
- We will forward to you the completed return calculations for you to review for your approval, for onward transmission by us to HMRC.
Where you have instructed us to do so, we will provide such other taxation ad hoc and advisory services as may be agreed between us from time to time. These services will be subject to the terms of this engagement letter and standard terms and conditions of business unless we decide to issue a separate engagement letter. An additional fee may be charged for these services. Examples of such work include:
- advising on ad hoc transactions and queries (including telephone conversations), preparing and submitting information in the relevant format to HMRC and calculating any related tax liabilities;
- dealing with all communications relating to your VAT returns addressed to us by HMRC or passed to us by you;
- making recommendations to you about the use of cash accounting, annual accounting, flat rate and other suitable methods of accounting for VAT
- providing you with advice on VAT and customs duty as and when requested.
You are legally responsible for:
(a) ensuring that your returns are correct and complete;
(b) filing any returns by the due date; and
(c) making payment of tax on time.
Failure to do this may lead to automatic penalties, surcharges and/or interest.
Legal responsibility for approval of the return cannot be delegated to others. You agree to check that returns that we have prepared for you are complete before approving them.
To enable us to carry out our work, you agree:
- that all returns are to be made on the basis of full disclosure;
- that you are responsible for ensuring that the information provided is, to the best of your knowledge, accurate and complete. The returns are prepared solely on the basis of the information provided by you and we accept no responsibility for any liabilities arising due to inaccuracies or omissions in the information you provide, which may lead to a misdeclaration on which penalties and interest may arise;
- to authorise us to approach such third parties as may be appropriate for information we consider necessary to deal with the returns; and
- to provide us with all the records relevant to the preparation of your quarterly returns as soon as possible after the return period ends. We would ordinarily need a minimum of 7 days before submission to complete our work. If the records are provided later or are incomplete or unclear, thereby delaying the preparation and submission of the return, we accept no responsibility for any “default surcharge” penalty that may arise. Where feasible, we may agree to complete your return within a shorter period but may charge an additional fee of £75.00 for so doing.
You will keep us informed of material changes in circumstances that could affect your obligations, e.g.
- change of your business address;
Where you wish us to deal with HMRC communications you will forward to us all communications received from HMRC such as statements of account, copies of notices of assessment and letters. These must be provided in time to enable us to deal with them as may be necessary within the statutory time limits. It is essential that you let us have copies of any correspondence received because HMRC is not obliged to send us copies of all communications issued to you.
You are responsible for bringing to our attention any errors, omissions or inaccuracies in your returns that you become aware of after the returns have been submitted in order that we may assist you to make a voluntary disclosure.