HMRC confirms stance on VAT accounting changes

UK businesses only need to change the way that they account for VAT on transactions between overseas members of the same corporate group if they operate in countries whose tax laws work the same way as in Sweden, HM Revenue & Customs (HMRC) has confirmed. The changes, which apply to transactions on or after 1 January 2016, will predominantly affect businesses operating in member states Read more…

Businesses face VAT crackdown

Up to 50,000 businesses that have failed to submit VAT returns have been warned that their tax affairs could soon come under close scrutiny. More than 600,000 businesses submit VAT returns each month but a new campaign will see many of those attracting greater attention from HM Revenue & Customs (HMRC) from 28 February. The VAT Outstanding Returns campaign, announced on 9 January, is aimed Read more…