Serious VAT errors are found in the majority of VAT inspections of the motor trade.
Speaking at the AM Financial Management Conference today, Andy Foxall, of HM Revenue & Customs, presents the findings of a survey that identifies the most frequent problems that inspectors uncover.
- The most commons problems include:
- Input tax disallowed – evidential support
- Basic bookkeeping errors
- Margin scheme operational errors
- Output Tax undeclared
- Scale charges
- Qualifying cars and demos
- Value manipulation
- Warranties, RFL
- Input tax disallowed – entertaining
- Private use of vehicles - RMI agreement
Foxall will offer some practical tips that will help delegates to avoid accidentally falling foul of the law.
Sponsored by Grant Thornton Automotive Services and chaired by renowned business analyst/TV broadcaster Dr. James Bellini, the AM Financial Management conference takes place in Reading at the Madjeski Stadium on November 18.
It is designed specifically for finance directors, dealership accountants and other senior managers with an interest in or responsibility for financial management.
The emphasis is on improving performance, with best practice guidelines and profit-boosting ideas for delegates to take away and adapt to their own operations.