Top 10 Pitfalls

We have created a list of 10 of the most common mistakes and then ranked them by their potential financial impact. 1 = biggest impact, 10 = some impact but not as great.

You may know of other pitfalls (or may, indeed, have fallen into them head first!).

1. Not considering that The Integrated National Service of Tax and Customs (SENIAT) might be wrong
2. Trusting that all foreign transactions are out of the SENIAT sight
3. Being fearful of challenging SENIAT's decisions
4. Not giving taxes enough attention
5. Relying that all of your business documents are evidence enough
6. Trading abroad and not considering other countries' tax systems
7. Trusting your own tax knowledge or your personnel’s
8. Not pro-actively taking advantage of tax relieves
9. Being 'out of time' or missing deadlines
10. Thinking that you will not be visited by an SENIAT officer

We would be delighted to hear your contrasting views and experiences. Please email us at here by emailing us at serlet@uhy-ve.com