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FSB warns garages

Oct 08 2007

The Federation of Small Businesses (FSB) has warned small car repair firms to take care when calculating their VAT.

According to the federation, a situation has arisen where businesses pass on MOTs to testing companies - and then fail to correctly fill out their tax forms.

The miscalculations have led to a number of companies being charged back-dated tax, something which could be fatal to some firms with a limited cash flow.

Bill Knox, FSB Taxation Chairman, says: 'The FSB strongly advises repair garage owners to consult their accountant with a view to appealing. It doesn't help that HMRC's payment terms have so far been inconsistent.'

He added: 'With small businesses now spending an average of seven hours per week on regulation alone, it is more important than ever to keep things simple.

'This will relieve many unnecessary pressures, with more time being spent on expansion and innovation.'

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