Risk & Compliance
RSM UK
Full Credential Description
The NHS faced significant challenges in efficiently managing and reclaiming VAT funds, which are crucial for maintaining their healthcare budget. Traditional methods of VAT auditing were cumbersome, often involving extensive manual review of paper invoices and spreadsheets, leading to inefficiencies and potential errors in VAT compliance. To address these issues, a tailored solution was developed in the form of the VAT Analytics Dashboard. This software tool was specifically designed for the NHS by health sector experts to streamline VAT recovery and compliance processes. The dashboard transforms accounts payable, accounts receivable, and VAT reporting data into interactive visual formats, such as tables, charts, and graphs. This user-friendly interface allows NHS bodies to easily interpret their VAT data, identify potential miscodes, and correct them in-house before external compliance reviews. The dashboard includes several key features, such as audit exception reports that mirror the tests performed by tax advisers. These reports help NHS organizations highlight trends, identify under/overcharged VAT, and pinpoint suppliers where reverse charges may need to be applied. By utiliz