Member Article

New VAT Healthcheck Launched For Business

EFM is pleased to launch a free online VAT healthcheck for business. The tool reviews some of the VAT processes within a business, helping companies to either recognise warning signs or detect potential opportunities for VAT savings or efficiencies.

In just 15 questions, companies can assess if their VAT procedures are healthy, as they review the quality of their everyday financial processes. Businesses need to be really clear, VAT affects daily transactions and this healthcheck helps to address three basic concerns:

1. Are your VAT knowledge levels healthy and VAT processes fit for purpose?
2. Are you doing all you can to reduce your VAT risk profile and the scope for VAT errors in your accounts - by accounting for VAT in accordance with current VAT legislation?
3. Are there any warning signs?

This healthcheck is not about understanding complex VAT schemes or transactions. It is about the ability to recognise the warning signs that tell you that you may need to undertake research, take remedial action or defer to a specialist. It is about preventing expensive mistakes, avoiding fines and penalties and remaining in profitable business.

“The cost of getting VAT wrong can be significant and potentially damaging to a business and companies need to ensure that they are compliant or face the risks of fines and penalties.” stated Gary Jesson of EFM.

All companies face difficult VAT situations from time to time. EFM Finance Directors have come across a number of scenarios where companies have encountered VAT issues from a lack of awareness of the rules that apply. Consequently this healthcheck is a prompt to alert business owners to some current issues, while providing some suggestions about what can be done.

Take the VAT Healthcheck now at http://www.efm.uk.com/tools-advice/vat-healthcheck-tool/

In addition to its VAT Healthcheck, EFM also offers a free financial management healthcheck via a similar online tool here http://www.efm.uk.com/tools-advice/healthcheck/ .

About EFM:

EFM is a leading provider of part time, pay-as-you-use financial management and expertise. Our Finance Directors and specialists can be contacted on 01582 516300 / 0845 129 9900 or via our website at www.efm.uk.com

This was posted in Bdaily's Members' News section by The EFM Financial Management News .