- HMRC published research on penalty reform impacts on VAT-registered businesses
- Some aspects of the current regime are seen as fairer than the previous one
- Concerns exist that the rules are too punitive for those facing financial or personal challenges
- HMRC encourages businesses to use BACS for VAT repayment
- Lack of awareness is the main barrier to switching to BACS
- HMRC should focus communications on addressing barriers to switching
Source: icaew.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.
