Top tips for getting the most out of VAT
Value added tax issues continue to be an area of confusion among businesses and individuals alike, explains Concur director Matt Lewis.
VAT was introduced more than 40 years but has grown increasingly complicated as HMRC changes and introduces new rules and regulations.
As VAT is the second largest income for the UK government, scrutiny will only continue to increase as the government works hard to clamp down on any tax irregularities.
HMRC recently introduced the extended verification process (EVP) aimed at reducing tax evasion and avoidance, while ensuring VAT compliance. This means that now more than ever, businesses and individuals must make sure they are accurately reclaiming VAT on expenses.
VAT guidelines continue to change and evolve and there are many rules that the majority of businesses are unaware of. However, being aware of the ins and outs of VAT payment regulations can help you stay ahead of the game.
We’ve outlined some top rules you might not know about VAT...