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Wednesday
Oct272010

VAT Returns Could Come Under Closer Scrutiny

All over the country self employed people will be (hopefully) putting the finishing touches to their accounts in order to send them to their accountants so their tax returns can be safely and accurately completed.

It is just as well to make doubly sure that everything is in order from now on, as it would appear that HMRC is more determined than ever to bring in all the money it is owed by taxpayers.

I would always advise self employed people in any kind of business to take on the services of an accountant. This helps to ensure that their tax returns are accurate and completed fully. Not only does this reduce the chances of any mistakes being made, it also ensures that the taxpayer is able to pay the right amount of tax and not more than they should – legally speaking, of course.

According to HMRC they have lost out on billions of pounds worth of VAT as businesses have underpaid it in the past. Since the coalition government came into power a few months ago, it seems they are keen to recoup whatever money they are owed. This is perfectly understandable as they will want to reduce the national debt as quickly as possible.

This means that every self employed person should take every care possible to keep proper records of all their activities. If you are asked to produce them it will be a lot less stressful if you know exactly where they are and how to get at them.

If you need any assistance with your tax affairs contact us here at St Matthew for further confidential advice.

 

 

 

 



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