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VAT pitfalls – prevention better than cure

Falling foul of the VAT rules can be an expensive mistake, resulting in an unwanted HMRC penalty or inspection visit. Robert Marchant, VAT partner at Crowe, runs through some fundamentals on compliance from property transactions to import VAT reclaims and intra-group arrangements

As with most things in life, prevention is better than cure. This is particularly so when it comes to effective tax planning, where problems seen in advance can negate their effects later on.

VAT is of course no different, where it is much easier to avoid problems upfront, rather than trying to remedy them after the event. VAT really should not be a cost in the supply chain, however, there are unfortunately many pitfalls.

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