Publishing

A leading UK publisher and retailer was concerned about its overall level of VAT compliance across the EU. The client was also conscious that opportunities to improve VAT efficiency and cash flow were not being utilised.

The client commissioned Accordance to undertake an in-depth review of current accounting procedures. This included a review of sales made under Distance Selling regulations (in order to clarify cross-border registration requirements); an analysis of the VAT treatment of composite supplies; and the identification of neglected recoverable VAT through VAT Returns and the EU Refund Directive.

The review highlighted significant under-recovery of VAT. Accordance assisted the client in formulating claims and obtaining refunds. Accordance subsequently provided training to Accounts Payable staff and supplied guidance on expense procedures to minimise VAT leakages. Accordance has also registered the client for VAT in several EU member states where Distance Selling thresholds have been breached and manages the submission of VAT Returns.

Accordance continues to provide high-level consulting advice to the publishing company on an ad hoc basis – this has included advice relating to consignment
stock.

 To find out more, contact us.

 

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