CRS VAT has proven time and time again that we are able to uncover additional VAT savings for NHS bodies, even after a review has been completed by one of our competitors.
By examining the exact time periods and types of VAT, we have a 100% success rate of identifying additional savings through secondary re-review exercises.
We have been very successful in identifying and securing additional VAT savings for NHS bodies, even after a review has been carried out by another VAT adviser.
Our VAT saving re-reviews cover two distinct areas:
- Secondary contracted out services (COS) VAT re reviews; and
- Secondary business VAT re reviews
What is a secondary COS VAT re review?
Most NHS bodies engage the services of a VAT adviser to review accounts payable invoices and identify VAT errors. These ‘first pass’ reviews are carried out either monthly or quarterly, usually with an end of year catch up to ensure refunds are claimed before the annual June deadline.
In our experience, because of the volume of transactions and complexity of the COS VAT rules and lack of consistency, it often warrants a second look to see if additional VAT savings can be achieved. CRS VAT has proven time and time again that we are able to uncover additional VAT savings for NHS bodies, even after a review has been completed by one of our competitors.
For the most recent full financial year, we completed in excess of 25 contracted-out services VAT re-reviews for all types of NHS body including large acute Trusts, partnership Trusts, Special Health Authorities, CCGs and CSUs. In doing so, we uncovered an average gross VAT refund in excess of £150,000 per review.
For each of these, we also identified numerous other VAT errors including overclaims and under-declarations, thereby assisting these clients with their overall VAT compliance.
What is a secondary business VAT re review?
Where NHS bodies generate business income, you have an obligation to complete a business/non business and partial exemption calculation. This results in recovery of business input tax on costs associated with taxable income generation, and a partial restriction of VAT recovery on COS VAT, where it is attributable to VAT exempt income generation.
Most NHS bodies ask a VAT adviser to complete these calculations. As well as COS VAT re-reviews, CRS VAT excels at identifying additional VAT savings by carrying out a detailed forensic re-examination of your business activities.
These VAT savings are achieved by identifying additional direct and indirect input tax recovery and a reducing your partial exemption liability. We also conduct a review of your output tax to ensure compliance.