5.4 From 1 April 2009 a new VAT penalty regime came into force. Under the new penalty regime, the level of penalty will be variable – up to 30% for a careless error, up to 70% where the error is deliberate, and up to 100% where the error is both deliberate and concealed. Failure to notify and/or correct an error, once discovered, will be treated as a careless error.
5.5 We will produce your VAT returns from the information and explanations that you have provided to us. In preparing VAT returns, we are entitled to assume that the records maintained by you are accurate, up to date and comprehensive. If errors in your VAT returns arise as a result of inadequacies, omissions or other shortcomings in the records and information you supply to us, any relevant penalties will be your responsibility.
6. MANAGEMENT ACCOUNTS
6.1 Where agreed, we shall produce quarterly or monthly management accounts from the accounting records. This service is a separately chargeable item.
Updated May 2018