In today’s tax environment, the correct filing of tax returns is vital to maintaining the financial and legal stability of any business. However, many organizations, whether due to lack of knowledge, resources, or professional advice, make mistakes that can lead to penalties, audits, or even legal proceedings. This article identifies the most common mistakes made when filing taxes and offers effective strategies to avoid them, all within the framework of professional accounting and tax management.
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Typing errors and omission of data
One of the most common mistakes is the incorrect entry of numerical data or the omission of relevant information. These oversights can cause significant differences in tax returns, generating automatic alerts from SUNAT.
How to avoid it:
Implement double checks and rely on reliable accounting and tax services. Companies such as VAG Global, specialists in accounting and tax advice in Peru, have structured processes in place to verify each return before it is filed.
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Lack of knowledge of regulatory changes
Tax legislation in Peru is constantly changing. Failure to keep up to date can lead to filing returns based on repealed regulations or failing to apply current benefits.
Solution:
Have tax and legal advice that includes constant monitoring of regulations, as offered by legal advisory services for companies from VAG Global. Comprehensive tax advice in Lima allows you to anticipate changes and adapt smoothly.
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Errors in the classification of deductible expenses
Many taxpayers make mistakes when deducting expenses that are not permitted by law or when failing to adequately support deductible expenses, which can lead to objections during an audit.
Recommendation:
Request a periodic financial audit or tax audit to evaluate the classification of expenses. The accounting audit, internal audit, or external audit services of a reliable firm can prevent unpleasant surprises from SUNAT.
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Failure to reconcile accounting books with tax returns
It is a critical error to report amounts that do not match those recorded in the accounting books, as SUNAT can easily detect this by cross-checking digital information.
How to fix it:
Incorporate tax accountants in Lima into the accounting process. At VAG Global, these professionals ensure reconciliation between tax returns and accounting records through accounting and financial audit services.
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Late filing
Filing returns after the deadline results in fines and, in serious cases, can affect the company’s tax history.
Prevention:
Proper accounting and business advice in Peru establishes a tax calendar and automates alerts to meet deadlines. In addition, you can hire an accounting advisory service tailored to the size and needs of each company.
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Incorrect use of tax credits
Misuse of tax credits, such as applying invalid receipts or using unauthorized credits, is another mistake that can lead to tax penalties.
Effective solution:
Seek the assistance of a team of tax lawyers and accountants who understand the regulatory details. The tax lawyer service in Lima offered by VAG Global allows you to validate the correct use of tax credits and avoid future contingencies.
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Failure to report transactions with third parties or related parties
Many companies do not report transactions between related parties or record them incorrectly, which is easily detectable by SUNAT through its electronic system.
Recommendation:
Have a lawyer specializing in business law who can correctly identify economic relationships and advise on the correct way to report them. It is also advisable to seek the support of a consulting and tax return service for companies in Peru that is familiar with local case law.
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Failure to properly retain supporting documentation
Documentation supporting tax returns must be retained for at least five years. Failure to make it available during an audit may be considered evidence of tax evasion.
How to avoid it:
Implement digital document management with the advice of corporate legal services that ensure the traceability and legality of the information filed.
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Underestimating the importance of a financial audit
Many companies only seek help when there is an audit, when the ideal is to carry out preventive audits. A Financial Audit allows you to identify risks, errors, and improve compliance.
Recommended action:
Request regular audit reports from a trusted firm such as VAG Global, which provides external audit, internal audit, and accounting and financial audit services with a preventive and corrective approach.
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Lack of tax planning
Failure to plan payments, advances, and expenses strategically can lead to paying more taxes than necessary or liquidity problems.
Key solution:
Implement a plan with the help of a consultant in Lima, such as VAG Global, which offers the best tax advice in Lima. Personalized analysis and monthly monitoring allow you to make financial decisions that are in line with regulations and business objectives.
Conclusion
Errors in tax returns may seem minor, but their consequences can significantly affect a company’s financial stability and image before SUNAT. Prevention is the best strategy, and this requires the support of specialists in accounting, auditing, and business law.
If you are looking for affordable and professional accounting and business consulting in Peru with a monthly fee, or if you need a team of lawyers for companies with accounting services, at VAG Global you will find the ideal comprehensive solution. With years of experience, they have corporate lawyers in Peru, corporate legal services for companies, and all the legal consulting services for companies you need to operate with peace of mind.
Do you have questions about your tax return?
📧 Write to us at: contacto@vag-global.com
📞 Or call us at: +511 436 4612
Your company deserves tax and legal security. Trust the experts.