Potential traps to avoid in your VAT return - part 1

In part one of a two-part series, The Tax Guys founder and managing partner Jonathan Amponsah outlines seven common errors to avoid in making VAT returns, from incorrectly claimng VAT on private usage of motor vehicles and fuel, to VAT charges for non-standard business transactions

Do you remember when a company selling tropical birds was taken to court for underpayment of VAT? It was a salutary reminder of what can happen when HMRC starts a VAT enquiry and the cost to a business in terms of time, money and stress.

As accountants we need to be rigorous in supporting our clients to not only maintain accurate accounting records but to be aware of the quirkiness of VAT rules. There are potential traps that can catch out even experienced people.

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