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Indirect Tax Risk

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23 April 2006
Card image Paul Smith
Card image Christopher Fitt
 
Paul Smith a tax partner and Christopher Fitt a senior manager at PricewaterhouseCoopers LLP discuss practical examples of common VAT risks and errors
 
Managing indirect (and direct) tax risk continues to move up the boardroom agenda. This is largely a reaction to:
 
●     HMRC's risk-based approach to allocating resources to businesses (for example the Large Business Service Operating Model);
 
●     regulation (for example Sarbanes Oxley and the London Stock Exchange Combined Code and Listing Rules); and
 
●     an increasing awareness of reputational risk and the impact it has on market standing.
 
In this article a practical look is taken at common sources of error (risk) in relation to VAT compliance...

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