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Please submit any questions or comments you have about these chapters under this post.
To consolidate your learning work through the following examples and practice questions from the Notes.
Practise using your Bloomsbury’s Tax Rates and Tables when you do the calculations.
Chapter 25 – VAT – Value added tax
Section 8 (Penalties and interest)
The structure of penalties for all major taxes (including VAT) is in Chapter 17 of Bloomsbury’s Tax Rates and Tables. The main table is on page 195.
Example 7 (Blanche Ltd)
Do you agree with the answer in the book regarding the penalty?
Is simply making a mistake the same as “reasonable care taken”?
We are not given many details here, but if you were the finance director of Blanche Ltd, what would you do to mitigate the potential penalties?