- HMRC will only acknowledge online notifications, according to Revenue and Customs Brief 01/23.
- Postal submissions will no longer receive acknowledgement. Management services are a popular topic on the website, with valuation being a key aspect.
- HMRC is vigilant about value shifting and will issue assessments if they believe VAT has been undercharged or overclaimed.
- Changes have been made to VAT Notice 700, providing additional guidance on their approach to the subject.
- It is important to be aware of this when considering transactions with associated businesses.
Source VAT Exchange
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