The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note is intended to provide an overview of the areas that should be reviewed as part of a VAT review of the input tax reclaimed by the business. This document should be used in conjunction with the Checklist ― VAT review ― input tax when undertaking the actual review in order to ensure that all relevant items have been covered.
Businesses may also wish to undertake an output tax review at the same time and more information can be found in the VAT review ― output tax guidance note and Checklist ― VAT review ― output VAT template.
A review of the input VAT posting before the VAT return is submitted will help to ensure that the return figures are correct. The following list provides details of the most common errors:
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login