- Qubic Advisory Services Ltd appealed against penalties imposed by HMRC for breaching invoicing and record-keeping requirements
- The penalties amounted to £14,821,830 under section 69A, Value Added Tax Act 1994
- QASL argued that the requirements did not apply to them as the relevant investment gold was never delivered to customers
- The Upper Tribunal allowed the appeal, stating that QASL did not have to meet the invoicing and record-keeping requirements
- This decision provides commentary on the limits of record-keeping and invoicing requirements in VAT Regulations.
Source: rpc.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
