HMRC have set out their expectations for taxpayer VAT compliance processes and procedures. This and other recent developments in VAT are examined by Jo Crookshank and Gary Barnett (Simmons & Simmons).
HMRC guidelines for compliance
HMRC has recently published a series of guidelines and guidance notes under its new Guidelines for Compliance (GfC) banner. The purpose for these new guidelines is to provide greater clarity around HMRC’s compliance expectations. HMRC will generally consider that businesses following GfC as lower tax risk. The most recent GfC (GfC8) deals with VAT compliance.
GfC8 refers heavily to the use of business systems and processes for VAT compliance and the controls that businesses might put in place to reduce risks of errors within these processes. HMRC clearly state that where risks are identified they expect taxpayers to work towards improving compliance and review those systems and processes more often. As such...
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HMRC have set out their expectations for taxpayer VAT compliance processes and procedures. This and other recent developments in VAT are examined by Jo Crookshank and Gary Barnett (Simmons & Simmons).
HMRC guidelines for compliance
HMRC has recently published a series of guidelines and guidance notes under its new Guidelines for Compliance (GfC) banner. The purpose for these new guidelines is to provide greater clarity around HMRC’s compliance expectations. HMRC will generally consider that businesses following GfC as lower tax risk. The most recent GfC (GfC8) deals with VAT compliance.
GfC8 refers heavily to the use of business systems and processes for VAT compliance and the controls that businesses might put in place to reduce risks of errors within these processes. HMRC clearly state that where risks are identified they expect taxpayers to work towards improving compliance and review those systems and processes more often. As such...
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:
