VAT Input Recovery Audit
Accounts Payable inaccuracies inevitably occur due to a variety of reasons, including human error, system changes, staff turnover or even just the sheer volume of invoices being processed. Audit Partnership’s VAT input review will examine your company’s purchase ledger transactions to identify any cases where the VAT element of an invoice has been incorrectly input into your AP system, leading to you erroneously reduce your profit.
Using a combination of bespoke in-house developed software and expertly trained auditors, we identify and validate any instances of unclaimed or under-claimed VAT, borne from an input error. There is no requirement to declare to HMRC - once identified and validated, the erroneous entry just needs to be credited and re-raised with the correct VAT coding, realizing the true value of the invoice and returning profit to your bottom line. We provide a no risk, end-to-end recovery audit solution that delivers maximum recoveries in a completely non-intrusive way.
Typical instances where the VAT element of an invoice has been input incorrectly and where we identify errors include where:
- VAT input is not split on entry
- VAT input is omitted from entry
- The incorrect VAT input rate is applied
- VAT input is miscoded
- VAT input is incorrectly classified.
- Additional monies to your bottom line
- Minimizing future leakage of profit
- Removing the burden from Accounts Payable, allowing them to focus on current issues
- Identify improvement areas for processes and training needs for employees.