VAT crackdown on SME's

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 VAT crackdown yields £3.4bn from SMEs

HMRC collected an extra £3.4bn from SMEs in the tax year to April 2017 after a crackdown on firms that fail to pay VAT, according to tax investigation insurance company PFP. VAT accounted for 49% of the extra tax take, compared with 45% last year. PFP managing director Kevin Igoe said: “Over the years the Revenue has widened its net – cracking down on smaller businesses, as well as larger organisations. It’s clear from the high tax take that the Revenue has found investigations into SMEs to be fruitful, and therefore it is likely that this focus on smaller organisations will continue. In order to avoid scrutiny, SMEs must make sure they are filing their returns correctly, so as not to incur a hefty fine.”

The Mail on Sunday (20/08/2017)

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