Jo Crookshank and Gary Barnett (Simmons & Simmons) cover a number of the latest developments in the VAT and indirect tax field.
Out of time assessments and penalties
In Maxxim Residential Design v HMRC [2023] UKFTT 474 (TC) the FTT held that HMRC may charge penalties in relation to VAT due but unpaid even where the assessment for the relevant VAT was out of time.
The case concerned assessments made by HMRC in relation to periods where the taxpayer was a repayment trader. Upon investigation HMRC considered that the taxpayer had falsified certain invoices and therefore sought to assess the taxpayer to unpaid VAT in relation to the affected periods which spanned from March 2013 to June 2014. VATA 1994 s 73(6) provides that an assessment must be made either within two years of the end of the prescribed accounting period or one year after...
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Jo Crookshank and Gary Barnett (Simmons & Simmons) cover a number of the latest developments in the VAT and indirect tax field.
Out of time assessments and penalties
In Maxxim Residential Design v HMRC [2023] UKFTT 474 (TC) the FTT held that HMRC may charge penalties in relation to VAT due but unpaid even where the assessment for the relevant VAT was out of time.
The case concerned assessments made by HMRC in relation to periods where the taxpayer was a repayment trader. Upon investigation HMRC considered that the taxpayer had falsified certain invoices and therefore sought to assess the taxpayer to unpaid VAT in relation to the affected periods which spanned from March 2013 to June 2014. VATA 1994 s 73(6) provides that an assessment must be made either within two years of the end of the prescribed accounting period or one year after...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
