S2M will review the processing of your company’s input VAT. We will analyse transactions and identify any elements of Input VAT which have been incorrectly entered onto your AP system leading to underclaiming of VAT from HMRC.

Using various reports from the AP data download, our analysts will identify and validate any instances of unclaimed or under-claimed VAT, resulting from an input error. Most of the time there is no requirement to declare these HMRC – Depending on the size of adjustment, once identified and validated, the erroneous entry is simply credited and re-entered with the correct VAT coding, which in turn will adjust the next VAT return by this value and therefore recovering this lost profit to your bottom line.

Examples of possible VAT recovery findings:

  • Invoice posted gross, omitting VAT on entry
  • Miscoded VAT entry
  • Incorrect VAT rate entered
  • VAT input is classified incorrectly

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