Here are some common VAT error made by small businesses
Each error has the potential to cost you money one way or another, so it is a good idea to familiarise yourself with them.
1. Not adding VAT to expenses that you charge to your clients. 2. When deciding if you have to register for VAT, misunderstanding what is meant by a year. 3. Not claiming all the pre-registration VAT to which you are entitled. 4. Claiming back overseas VAT on your UK VAT return 5. Assuming that any sale overseas is automatically exempt from UK VAT.
