- United Kingdom HM Revenue and Customs updated VAT Notice 700/1 on VAT registration requirements
- Updates include information on registration requirements for non-established taxable persons (NETPs) and penalties for noncompliance
- Information on voluntary registration for NETPs has been removed
- Amendments made to information on Making Tax Digital for keeping digital records
- Information added on penalties for failing to advise the Tax Agency of liability for registration
- Reflects new annual 10,000 euros EU registration threshold for distance selling into EU member countries
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
