Will firms using facilities management benefit from HMRC VAT advice?
August 24th 14:22 Cost Management
HM Revenue & Customs (HMRC) has advised business and individual who file VAT returns to act on any errors on their forms as quickly as possible.
A new guide published by the department states that those submitting the forms are best placed to notice and correct mistakes.
The advice, recently flagged up by online news provider Shout99, also says that acting immediate will reduce the likelihood of a business facing the prospect of a penalty charge.
HMRC's Error Correction Team also noted that a large number of the mistakes they deal with could easily have been avoided or corrected by those submitting the VAT return.
However, the organisation also claimed that while every action should be taken to provide accurate information, small mistakes are unlikely to be punished.
"The majority of small errors will not be careless or deliberate, so no penalty will be due. People do make mistakes and HMRC does not expect perfection," it said.
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