What should a VAT registered business be doing when they receive a central assessment?HMRC have the power to issue assessments to VAT registered businesses where those businesses have failed to submit a periodic VAT return. The central assessment (or prime assessments are they are termed by HMRC) is an estimate of the VAT liability due to HMRC on the outstanding VAT return. The estimates are raised based on one of two mechanisms: prior period liabilities or taxable turnover.
Source: saffery.com
Latest Posts in "United Kingdom"
- Rachel Reeves Considers VAT Adjustments Amid Budget Challenges Despite Labour’s Pledge
- Cayman Implements New Taxes on Imported Vehicles
- Tribunal Rules Nitrous Oxide Not Zero-Rated Food in Telamara VAT Case
- HMRC Updates VAT Notice 700/18: New Guidelines for Bad Debt Relief Claims
- Call for VAT Cut on Roadside EV Charging as Costs Near Diesel Parity
