London: +44 (0)20 7236 2601
St Albans: +44 (0)1727 869141
Rickmansworth: +44 (0) 1923 771010
Milton Keynes: +44 (0)1908 605552

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
Author: Jane Stacey

SHARE THIS

Articles from this Author

Contact Business Service Partners

Choose from the drop down menu below to select a Partner to contact.

Tweet

Mercer & Hole’s @GudgionJa progress in @CelebJustDance - Not much longer to Waite now….. bit.ly/2gqZOZq @MKDonsSET

Mercer & Hole’s Michael Lapham impresses at the @MoneyMgmtMag Financial Planner Awards bit.ly/2yw3Ieetwitter.com/i/web/status/9…

Follow

LinkedIn

For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole

Click here to follow us on LinkedIn