HMRC is changing the central assessment process for late VAT returns.
Where a taxpayer fails to file a VAT return by the due date, a central assessment will be raised automatically by HMRC’s system. That assessment is sent to the taxpayer and the amount payable is shown as outstanding on their VAT account.
The assessment is an estimate of the VAT that would have been payable had the return been submitted.
When the actual VAT return is subsequently filed, the assessment is cancelled.
- Level of the assessment
- Cancelling central assessments
- Seeing this in action
- Advice to taxpayers
Source: www.accountingweb.co.uk
Latest Posts in "United Kingdom"
- UK VAT Threshold Debate: Growth-Boosting Increase or Revenue-Raising Decrease at Autumn Budget?
- Chancellor Proposes Raising VAT Registration Threshold to £100,000 to Boost UK Economy
- ICS2 Implementation for Northern Ireland: Transition Details and Support for Carriers by HMRC
- FTT Rules Ferrero’s Nutella Biscuits Not Partly Chocolate-Covered, Zero-Rated for VAT
- HMRC Wins Upper Tribunal Case Against Mini Umbrella Company Fraud, Tightens Compliance Rules
