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...

Continued...

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Comments

Pedantic I know    1 thanks

shaun king | | Permalink
  1. So you pay exorbitant rates to park on the road to save the VAT you van reclaim anyway?
  2. So I get my Latte and a sandwich and now when I claim my expenses I have to work out what VAT I can reclaim whereas if I sit in I can just reclaim 1/6 of the bill
  3. Gifts for employees - aren't they lucky to have a job?
  4. Don't most employers give staff the cash to buy their own car with the cost of BIF? also what about the biggest VAT error not claiming it back on mileage allowances
  5. If I entertain my overseas clients then there is no block, so I am better entertaining my overseas clients than my staff unless its the obligatory Xmas party and the spouses go.

It has been a long day and maybe I should just park my self drive hire car on the street rush into Starbucks grab a sandwich and a milk shake and tell my employee their Mocha and piece of cake is a business gift? 

Point?

Ben Smith | | Permalink

There is little point to this 'article', certainly none for the target audience of the web site and are unlikely to feature much on the  'corporate agenda' either.