the wrong football team, Guy's VAT visit and shed loads and loads of VAT.
The May / June / July VAT CPD podcast update is packed with content. The guest is Simone Hurst who can be contacted at www.vatease.co.uk for consultancy and training.
The podcast looks at the conclusion of a VAT compliance visit and the range of penalties that can be raised. We discuss the somewhat tricky words 'deliberate', 'not deliberate' 'concealed', 'not concealed', 'prompted' and 'unprompted'. As accountants we do not like subjectivity preferring lovely columns of numbers, totals and a fixed definite answer.
Life ain't always like that and we address the problem.
The podcast looks at the new late filing penalties and late payment penalties.
A run through of listener questions and topical issues raised by Simone.
Here are the detailed contents and you can listen through the website or where you download your podcasts.
CPD just became easier and easier.
Using a worked example, the podcast looks at VAT compliance visits and the subjectivity of penalties at the conclusion. Deliberate – Non-deliberate – Prompted – Unprompted – Concealed – Not-concealed – All are areas likely to cause problems due to the subjective nature of the issue. Failure to take reasonable care – Repeated errors – Suspension of penalties (when you can and when you cannot) – Suppression of income – Claiming VAT on private expenses and penalty implications – The new late submission penalty for 2023 – Late Payment penalties – Practical advice on time to pay. Listener questions covering reverse charge errors in the construction industry and failure to keep export documents. Simone’s topical issues including centrally raised assessments and a planning point on opted-to-tax buildings and subsequent transfers