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Common tax mistakes that can cost your business heavily. Because taxation is a largely overlooked aspect of business there are a range of areas where businesses make costly errors.
Are you aware of penalties?
- Failure to keep proper PAYE/VAT records €4,000
- Failure to issue proper VAT invoices €4,000
- Failure to complete VIES returns €4,000
- Late submission of a VAT return €4,000
- Violating PAYE regulations €4,000
We see common mistakes which result in these penalties. Be aware and be sure you avoid these penalties.
Value Added Tax
- You can’t claim VAT on entertainment for your employees/clients, food and drink (if it’s for consumption) or accomodation (unless its for a specific event)
- All VAT must be charged at the correct rate to customers.
- All Intrastat forms must be completed for goods and services bought or received cross-border.
- VAT can only be claimed on “allowable” items.
- Ensure all relevant tax reliefs have been claimed and also that no cash-flow opportunities have been missed.
- As suppliers are liable in VAT, it is important there are no VAT errors on invoices.
- Employees/Directors sometimes get placed on the wrong PRSI rate. If an error is made here the cost can be very significant to an employer.
- Ensure all staff expenses that have been given to staff are in compliance
- No individuals should be paid gross by invoice where there is payroll in operation
- Make sure that benefits being provided to staff/directors are being subjected to the appropriate rate of PAYE
- Make sure that staff are availing of all relevant tax reliefs and exemptions to them.
Are you 100% sure your business is not at risk in relation to any of these pitfalls?
With the right accountancy firm, you can focus on driving your business and let us focus on keeping your businesses tax compliant.
When you consider the penalties, it doesn’t take long to work out the return on investment on the cost of working with tax experts. Reduce your businesses risk. Talk to our tax experts at UHY FDW.
Information Courtesy of Grant Thornton, Read the full booklet of info here
Watch Our Video: 6 Ways To Reduce Your Tax bill: