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VAT inspectors can turn up at your door unannounced – or at short notice – so having your business affairs complete and up to date throughout the year is essential. Filing your VAT return incorrectly can incur hefty penalties. HMRC will not fine you the first time you are late to submit your paperwork, or pay your VAT, but the second offence will usually incur a penalty amounting to 2% of the outstanding amount, 5% if a third offence is […]