VAT Planning is essential to avoid VAT assessments, interest and penalties and the costs associated with any disagreements with Customs. It is also important that VAT, EC Sales Lists, Intrastat Returns, etc; are integrated within the accounting function so that the businesses can operate smoothly.
VAT should be considered in
* all new start up situations;
* in the sale of all or part of a business;
* corporate finance transactions;
* any major transactions.
* Problems often occur because VAT was not considered especially in relation to property transactions, international supplies of goods and services, and partial exemption where the implications are often not considered before implementation.