When a taxpayer submits a VAT return claiming a VAT repayment, HMRC may be liable to pay the taxpayer an additional repayment supplement (calculated at five per cent of the amount claimed) if it fails to release the amount due to the claimant within the legal time limit of 30 days.
Source RSM
Latest Posts in "United Kingdom"
- Guernsey Seeks Companies to Support New GST Administration, Tender Deadline Approaches
- Navigating UK VAT: Key Considerations and Pitfalls in Exporting Goods
- HMRC’s New VAT Error Correction Rules: Stricter Penalties and Reporting Changes Explained
- UK Supreme Court Confirms VAT on Intragroup Fees for Former VAT Group Members
- Supreme Court Clarifies VAT Grouping and Time of Supply Rules in Prudential Assurance Case
