Senior Account Officers say VAT is causing them most concern
Why be worried about VAT compliance when the answer is out there?
A poll conducted by one of the big 4 consultancies and outlined in their ‘SAO Toolkit‘ said that from a recent poll (no date was given so assume still recent), “over three- quarters (77%) of Senior Accounting Officers say they undertook a review of their reporting systems and nearly half (46%) of firms say VAT is the area of tax which is causing them most concern, followed by PAYE (32%), corporation tax (11%) and excise”.
With this in mind, why then do so many companies have such poorly designed VAT systems and do not invest any money in reducing the risk of non compliance around VAT?
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