US EditionToo many businesses falling into VAT traps - Smailes Goldie
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Too many businesses falling into VAT traps - Smailes Goldie
VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes with HM Revenue & Customs (HMRC). Here are some of the most common VAT mistakes to avoid: Charging the wrong VAT rate – Some goods and services have reduced or zero-rated VAT and applying the wrong rate can mean underpaying or overpaying tax. Incorrect VAT reclaims – N…
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