Qubic Advisory Services Ltd v HMRC: VAT Gold Supplies Record Keeping Requirements

• Qubic Advisory Services Ltd appealed against penalties imposed by HMRC for failing to comply with record keeping requirements
• The penalties amounted to £14,821,380 under section 69A of the VAT Act 1994
• The penalties were imposed for breaching invoicing and record keeping requirements outlined in VAT Notice 701/21 (Gold Imports and Exports)
• QASL appealed to the First-tier Tribunal (Tax Chamber) on the grounds that the record keeping requirements did not apply to their transactions
• The preliminary issue was whether the record keeping requirements applied to QASL’s transactions
• The Upper Tribunal ultimately allowed the appeal, stating that the record keeping requirements did not apply to QASL’s transactions

Source: bailii.org

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.

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