Lancashire Leaders: A VAT storm brewing?

Based on recent coverage, you could be mistaken for thinking that governments, tax authorities and the media are all firmly focussed on the amount of corporation tax large multinationals such as Google should be paying. After all, it makes for great copy.

By Rowena Clifton, indirect tax director at RSM

Despite being perceived as just an “in and an out” tax, VAT has the potential to cause businesses a significant headache – as well as unexpected costs. Lancashire businesses are confirming what we are seeing across the country - irrespective of size or industry:

• Lack of contact with HMRC creates uncertainty - fewer VAT inspections and no local HMRC contact that knows the business
• An increased incidence of penalties when things go wrong

• For more information on the VAT process view our full Lancashire Leaders feature in Lancashire Business View Magazine here.