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"
- UK Budget 2025: VAT E-Invoicing, Digital Compliance, and Post-Brexit Tax Reforms Announced
- FTT Rules HMRC Closure Notice Bars VAT Registration: Hairdresser’s Turnover Below Threshold, Appeal Allowed
- UK Tribunal Rules Self-Employed Hairdresser Not Liable for VAT Registration Under Rent-a-Chair Model
- EU Insists on VAT Representative for UK Firms Despite British Objections to Import Rules
- Mandatory B2B e-invoicing as of April 2029
