Qubic Advisory Services Ltd Successfully Appeals HMRC Penalties for Invoicing and Record-Keeping Breach

• 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.