While often viewed as relatively straightforward, VAT is probably the most complex of all taxes which companies have to deal with.
This is particularly the case for the property and financial services sectors where VAT can have a profound impact on the cost of a transaction or the viability of a product depending on how the issue is approached.
Grant Thornton’s team of indirect tax specialists helps a range of clients across a variety of sectors including pharmaceuticals, financial services, construction and property and food to navigate these complexities. We ensure they manage their tax affairs in the most efficient way possible whilst remaining fully compliant at all times. In some cases, we file returns on behalf of clients, in others we will assist them to minimise VAT exposure and maximise VAT recovery.
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We carry out health checks on VAT returns and do deep dives to identify any issues. We employ the latest data analytics technologies to support this aspect of our service.
Compliance and accuracy are of critical importance. Bi-monthly VAT returns tend to be viewed as routine tasks and this can result in the same errors being repeated time and again over a long period. The Revenue can go back four years and longer in examining VAT returns and simple errors can be very costly.
Interpretation of legislation is specialised and highly nuanced and we pride ourselves on our expertise in that area. Furthermore, VAT is a European tax and we monitor European Court of Justice case law as well as the outcome of cases around Europe to ascertain how they might affect clients.