18 January 2022| CATEGORIES: HMRC, VAT penalty regime| TAGS: New HMRC rules, VAT News, VAT penalty changes
The Government has announced a delay to the introduction of the new penalty regime for VAT. The new system had been due to come into effect from 1 April 2022, however, this has been delayed by nine months until 1 January 2023.
2 December 2021| CATEGORIES: Certificate of Status, HMRC, VAT refund| TAGS: Brexit, HMRC, VAT refund
HMRC have changed the way they issue the certificate of status (CoS) to UK businesses. The CoS, which often needs to be included with foreign VAT refund claims as proof of UK trading status, is now issued by email by default.
7 October 2021| CATEGORIES: HMRC, Tax, Tax gap, VAT| TAGS: HMRC, Tax gap, VAT
The tax gap for the 2019/20 tax year is 5.3%, which represents £35 billion, according to statistics recently published by HM Revenue and Customs (HMRC). The total tax gap for Value Added Tax (VAT) is £12.3 billion.
23 September 2021| CATEGORIES: HMRC, Making Tax Digital| TAGS: Making Tax Digital, VAT, VAT News
An independent report commissioned by HMRC has been published on the impact of MTD for VAT on businesses.
21 September 2021| CATEGORIES: HMRC, New tax rules, Tax, VAT| TAGS: Large businesses, New HMRC rules, UTT
The government is introducing new rules from 1 April 2022 which require large businesses to notify HMRC when they take an uncertain tax position. The taxes within scope of the requirement to notify are Corporation Tax, Income Tax (when returned in a Partnership or PAYE return), and VAT.
