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VAT problems 'often a self-imposed burden'
19th May 1988, Page 20
19th May 1988
Page 20
Page 20, 19th May 1988
— VAT problems 'often a self-imposed burden'
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• The burden of keeping VAT records on hauliers and other small businessmen is often exaggerated, says a new survey.
Over 1,200 firms were interviewed by independent consultant KPMG Peat Marwick McLintock, which concludes that the majority of problems are "self-imposed and result from uncertainty to do what is required".
Although many companies agreed that VAT records were useful for other purposes, 93% were unaware that VAT offices could grant shorter periods of retention than the statutory six years for records.