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UHY warns of VAT and PAYE risks for motor retailers
It might not be the most interesting aspect of the motor trade, but — just as in any business — it’s important to keep up-to-date with your paperwork.
Not only does it save you time when it comes to filing your accounts, it helps ensure you’re fully complying with HMRC requirements at all times.
HMRC is continuing to focus on VAT and PAYE compliance within the motor retail sector as major opportunities to generate assessments, according to UHY Hacker Young.
The accountancy group reports that in particular it has seen an increase in the number of VAT compliance checks taking place.
In a company blog, Paul Daly, an audit partner in UHY’s Manchester office, notes that issues identified from a VAT perspective often result in an employment tax check in the following months. The total size of the potential assessments can be very significant — often six-figure sums, Daly says.
UHY recommends regular checks conducted by a VAT or employment tax specialist to assist with compliance and identify any problems early, with a focus on the current HMRC hot topics which include:
- Finance ‘self billing’ invoices not in agreement with the DMS (commonly known as the E-sig issue);
- Negative equity or ‘bumping’ of deals;
- Lack of appropriate documentation to support commercial vehicle part exchanges;
- Disabled sales;
- Export sales;
- Partial exemption;
- Use of company vehicles; and
- Private fuel assessments.
If you’re in the motor trade, the Insurance Factory offers specialist
motor trade insurance
that can be tailored to your unique business requirements.
With a panel of leading motor trade insurers, we can arrange cover for risks including full-time or part-time traders, road risk, collection and delivery cover, mechanics and valeters as well as scrap yards, vehicle restorers and repossession firms.
Our combined traders insurance can include buildings insurance, contents and stock insurance, machinery and plant cover, tools and other business equipment, employer’s liability, public liability and business interruption.
Give us a cal
l to discuss your requirements with one of our operators and get a quote!
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