Careless errors could cost you - the new VAT penalty regime is here!
Does your business submit VAT returns on a calendar quarterly basis? If so, then beware as you are now within the new penalty regime for errors.
My colleague Cathy reported on the new regime in her blog in April 2008.
March 2009 VAT Returns (due to be submitted by 30 April) will be subject to the new penalty regime which means that even careless errors could incur a penalty of up to 30% of the VAT amount.
Businesses should take extra care from now on to ensure that VAT returns are accurate and that careless errors are not made. VAT accounting procedures should be reviewed to identify any areas of weakness and to minimise the risk of a penalty being imposed.
If your business has a history of making voluntary disclosures or receiving regular assessments, you should urgently review VAT procedures to eliminate any unnecessary errors going forward.
Date: 2nd February, 2009
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