VATworks News

Protected Buildings; pre 21 March 2012 listed building consents will get zero rating until 30 September 2015.

 

Penalty Regime – “Less contact bigger stick” – careless errors can be very costly.

  • Need systems to identify errors.
  • Need procedures to evidence “care” is taken to avoid penalties.
  • All assessments will be liable to penalties of up to 100% of the tax.

The gloves are off and HMR&C are imposing penalties more strictly.

Late registrations now liable to penalties of up to 100% of the VAT due!

Time Limits – Now 4 years.

Adjustments – Errors of up to £10,000.00 can be adjusted on current return, but still liable to a penalty!

Machine Games Duty – Replaces VAT and License Duty from 1 February 2013, separate registration and accounting required, and you will become partly exempt, impacting costs and margins.

Any questions call 03 336 000 626 or email andy@vatworks.com

 

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