- GFC8 Guidelines for Compliance on VAT published by HMRC on 18 September 2024
- Impact all taxpayers and set out expectations and best practices for VAT compliance
- Goes beyond Making Tax Digital, requires assessment of processes and controls in upstream finance areas
- Includes customer and supplier onboarding, accounts receivable and payable processes, procurement, and employee expenses
- Businesses expected to understand all data sources impacting VAT return and have reliable systems and sufficient VAT controls in place
Source: bdo.global
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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