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One in five firms ‘risking costly tax errors’

Tens of thousands of businesses in the UK are making potentially costly errors when dealing with their tax and financial reporting, recent research has suggested.

According to an independent study conducted by Sage, one in five companies has made an error when recording their tax or finances.

A fifth of firms still use manual processes when submitting their VAT returns, leaving a significant margin for error.

Meanwhile, 15% of businesses have had their VAT or self assessment claim queried by HM Revenue & Customs.

VAT poses a particular problem for business owners, with 12% describing reclaiming VAT as their biggest business ‘headache’.

Commenting on the report, Lee Perkins of Sage commented, ‘Very few people start a business because they are passionate about VAT. But by not using the tools that are at their disposal, business owners are allowing VAT to become a time consuming headache, and more importantly leaving themselves open to error when submitting VAT returns’.

We can help with all of your tax and financial planning needs, including dealing with your VAT returns on your behalf. Please contact us for further assistance.