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Big Data: what’s VAT got to do with it?

“Big data” is something of a buzz-phrase these days – it frequently makes the news headlines in a wide range of areas from genetics to car insurance.

It is also worth remembering that data analysis can be an extremely important factor in ensuring effective VAT compliance.

For most businesses, their VAT calculations are based on automated processes and data which is captured within a pre-programmed accounting package or ERP system.

This offers significant opportunities (e.g. speeds up processes, reduces scope for manual errors).

However, there are also some important risks to consider.  The most dangerous of these is the risk of repetitive error caused by a flaw in the initial system set-up. Even a relatively minor error at this level could lead to significant additional VAT liabilities building up over time.

It is absolutely essential to ensure that the VAT logic applied in setting up an accounting system or ERP package is based on sound principles and a thorough understanding of the business concerned Other key issues are: ensuring that systems are regularly reviewed and updated; and, making sure that relevant staff have the appropriate level of training.

Welcome to Revell Ward Chartered Accountants in Huddersfield!More

We are a firm of Chartered Accountants based in Huddersfield and as you will see from our website we like to do things a little bit differently. Our offerings include all compliance services such as; Audit, Personal and Corporate Tax, Bookkeeping, Management Accounts, a Payroll Bureau and much more.

Our clients are based in Huddersfield and beyond and have many positive words to say about us so why not visit The Truth About Revell Ward page and find out for yourself.

We are very passionate about what we do and know that you too are passionate about what you do and for that reason we have devised The ‘Revell Ward Wheel of Fortune’, the wheel asks questions that every business owner should know the answers to but often don’t have the time to find these answers. The wheel demonstrates Revell Ward’s added value services and clearly defines the expected outcome for those who ‘step on’. This is a strong example of the firm’s clear but innovative approach to helping businesses achieve their goals in a more strategic way.