Half of all small-medium sized enterprises (SMEs) make errors when filing their VAT returns, according to the latest research.

The data also revealed that just 27 per cent of small businesses are confident that they have filed their return correctly, even though they have spent more than an hour checking their figures.

The first online filing under the Making Tax Digital for VAT system fell in August, with the survey conducted by QuickBooks to find out how small businesses are coping with the change.

On average, businesses spend 86 minutes checking their figures before sending their VAT return to HM Revenue & Customs (HMRC).

The research found that more than a quarter (27 per cent) of businesses overpaid and received money back from HMRC as a result, while 18 per cent received fines due to their mistakes.

One-third of small business owners felt relieved once their VAT return was completed, with 19 per cent worrying that they have forgotten something and 18 per cent feeling anxious that they may have made an error.

Link: Half of small businesses make VAT return errors

The following two tabs change content below.
Peter Dearing – FCCA

Peter Dearing – FCCA

Partner at Smailes Goldie Group
“If you have any concerns regarding the article above please contact our expert Peter Dearing via peterdearing@smailesgoldie.co.uk or simply call 01482 326916.”
Peter Dearing – FCCA

Latest posts by Peter Dearing – FCCA (see all)

Subscribe to our e-newswire

To receive our e-news and events updates, please enter your details:
If you would like to see full details of our data practices please visit our Privacy Notice.

I am happy to receive newsletters and promotional information from Smailes Goldie.