Contractors to vent VAT issues

Contractors can now have their say on what else the VATman does correctly or incorrectly, other than find it difficult to say ‘yes, you’re right.’

Chartered accountancy firm Moore Stephens has opened a survey asking traders about a dozen straightforward questions about their past encounters with Value Added Tax.

Not seeking any technical or numerical information from participants, the survey probes the future too, asking about preparedness for Making Tax Digital and Brexit.

Although most PSCs will be waiting on their accountants to provide steps to take for them to comply with MTD, the survey enquires about any plans for the April 2019 commencement.

And even IR35 is likely to be inputted by some contractors in answer to the question, ‘Which area of tax do you think will be the biggest risk to your company over the next 12 months?’

However the focus is on VAT compliance, VAT inspection experience, VAT systems and processes and other VAT issues found to be “challenging”.

“Whether it’s completing and submitting quarterly VAT returns or considering the implications of specific transactions, getting it wrong can be a costly mistake,” Moore Stephens says.

“Please assist us by answering our annual questionnaire on VAT compliance, then we can help you by providing you with the results, enabling you to benchmark against other companies.”

The survey takes approximately five minutes to complete and requires an email address to get started, but the firm reassures that all inputted answers will be treated confidentially.

Complete the survey here 

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Written by Simon Moore

Simon writes impartial news and engaging features for the contractor industry, covering, IR35, the loan charge and general tax and legislation.
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