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Why VAT is the most important tax for a company to get right
KEY POINTS
- VAT surcharges for late payment of tax are levied on the unpaid balance.
- The lack of funds or reliance on a third party do not constitute reasonable excuse.
- The Steptoe decision shows how unexpected cash shortfalls may be accepted as an excuse.
- The inconsistencies of the penalty regimes for different taxes should be addressed.
When I retired from the speaking circuit in November many people asked how I would fill the extra time at my disposal.
“Work less” was my standard reply which was only partly true because I had agreed some months earlier to take on a pseudo-financial director role with a company down south for which I acted before I moved to Manchester.
This company was in deep financial trouble with county court judgment threats and HMRC ...
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