Frequently Asked Questions
How much will a comprehensive VAT review cost?
We work on a contingency fee basis, so our fee is a percentage of recovered losses. This is only payable upon the successful recovery of funds.
Why do I need a VAT review if I use specialist accounting software?
While this software improves efficiency, it cannot eliminate processing and system errors. Over 20 years of reviews, we’ve recovered hundreds of millions of Rands in unclaimed VAT for clients using leading software like SAP, Oracle, Sage, Xero, and Syspro.
How many years of historical VAT can be recovered?
In Europe and the UK, legislation allows for the correction of any VAT processing errors for up to 4 years from the invoice date. South African legislation allows for up to 5 years.
How often should my company perform a VAT review?
It is recommended to conduct a VAT review at least annually or after any significant changes to your company’s operations. Regular reviews help to catch issues early and ensure ongoing compliance.
What are some common VAT issues large companies face?
- Incorrect VAT rates applied to transactions.
- Failure to reclaim VAT on eligible expenses.
- Errors in cross-border VAT reporting.
- Misinterpretation of VAT rules in complex transactions.
- Non-compliance with reverse charge mechanisms.
How can we get started with a VAT review?
Simply contact one of our Business Development team members via email or the website contact form and we will contact you to discuss your company’s VAT review needs.