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What Triggers a VAT Inspection? How to Remain Safe?

  • The need to collate annual account figures to those in VAT returns.
  • Sale or purchase of goods from third parties.
  • Check the credibility of the statistics you submit and the type of business to average VAT rates.
  • Businesses operating in a high-risk sector
  • HMRC could act on a tipoff on questionable operations in a company.
  • A new VAT claim where there was none before will always spook them.
  • Increase in VAT claims or a shift of VAT repayment
  • A bad compliance record of VAT

Source: europeanbusinessreview.com

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