The Chartered Institute of Tax (CIOT) has issued a useful note to alert both affected businesses and their Tax Agents of a step change in the process of managing VAT compliance in this area. Where HMRC would have issued requests for more information in cases where they feel that a VAT inaccuracy may have arisen in the records of an online marketplace business, they will – from September – start to issue direct VAT assessments for the VAT they consider at risk rather than issuing requests for information from the tax payer.
Source: centurionvat.com
Latest Posts in "United Kingdom"
- UK May Cut VAT on Public EV Charging to Offset Pay-Per-Mile Scheme and Boost Adoption
- UK May Cut VAT on Public EV Charging to 5% to Match Home Rates and Boost Adoption
- UK Overhauls VAT Grouping Rules to Attract Global Investment and Reclaim Overpaid VAT
- Supreme Court Rules VAT on Share Sale Costs Not Recoverable Despite Fundraising Purpose
- PFI Expiry: Managing VAT and Partial Exemption Risks at Asset Handback for Local Authorities
