- HMRC issued GfC8 guidelines for UK VAT-registered businesses.
- The guidelines aim to ensure accurate VAT declaration and reduce errors.
- Businesses should follow the guidelines to avoid penalties.
- GfC8 applies to businesses using invoice accounting.
- The guidelines cover risk management, control design, and documentation.
- Key areas covered include order to cash, procure to pay, employee expenses, record to report, VAT reporting, outsourcing, correcting errors, and risk management.
- Businesses should review their systems and processes regularly to ensure compliance with GFC8.
Source: haysmac.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.
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