Due to HMRC seeing an increase in fraudulent VAT repayment claims being submitted by the private security industry, they are now introducing a new wave of taskforces aimed at the security industry, construction industry, hidden wealth and second-hand motor dealers. By doing this, the taskforces expect to recover £10 million.
In addition to this, to help combat fraud, they will also have task forces aimed at security guards, bouncers and their employers, together with task forces in the construction industry in London, hidden wealth in the Midlands and the hidden economy in the second-hand motor trade in the Midlands.
Whilst this appears to be a worthwhile initiative, unfortunately, diligent taxpayers can often find their VAT position being scrutinised.
Although you are not involved in VAT evasion, there could be some errors in your VAT accounting and identifying and addressing these prior to them being picked up by HMRC is guaranteed to reduce or even remove VAT penalties.
If you work in any of these sectors and feel you would benefit from a VAT health check, Perrys would be pleased to assist you with this.
For further information or if you have any queries you would like to discuss, please do not hesitate to contact Sean Rustrick on 01634 245900 or by e mail email@example.com« Back