CVC’s ‘Penalties for careless and deliberate VAT accounting errors‘ guide is now available on our website or can be viewed here:
Penalties for careless and deliberate VAT accounting errors were introduced in 2009. The purpose of this penalty system is to incentivise taxpayers to take care in dealing with VAT by penalising those who do not. Evidence suggests that HMRC is now applying these penalty rules more strictly than it did initially.
There are steps that any organisation can take to reduce the risk of penalties.If you wish to discuss this please speak to your usual CVC contact or email laura.beckett@ukvatadvice.com.