HMRC has issued new regulations to remove the requirement for businesses to report sales of mobile phones and computer components. The Value Added Tax (Reverse Charge Sales Statements) (Revocation, Saving and Transitional Provision) Regulations, SI 2022/548, remove the requirement for VAT-registered businesses to submit sales statements for certain goods, including mobile phones and computer chips, to HMRC. The changes are effected by revoking VAT Regulations, SI 1995/2518, regs 23A–23D.
HMRC has assessed that it no longer needs the data provided through sales lists because the fraud risk has reduced significantly over the years since the introduction of the reverse charge. It now has other, more effective, ways of monitoring any residual risk through operational and intelligence activity.
HMRC has issued new regulations to remove the requirement for businesses to report sales of mobile phones and computer components. The Value Added Tax (Reverse Charge Sales Statements) (Revocation, Saving and Transitional Provision) Regulations, SI 2022/548, remove the requirement for VAT-registered businesses to submit sales statements for certain goods, including mobile phones and computer chips, to HMRC. The changes are effected by revoking VAT Regulations, SI 1995/2518, regs 23A–23D.
HMRC has assessed that it no longer needs the data provided through sales lists because the fraud risk has reduced significantly over the years since the introduction of the reverse charge. It now has other, more effective, ways of monitoring any residual risk through operational and intelligence activity.
