- HMRC updated Notice 700/45 on correcting VAT errors and making adjustments or claims
- Section 4 now includes guidance on correcting VAT errors and consequences of not doing so
- Section 6 provides information on claiming input tax
- Section 7 details payment processes for underpayments and overpayments and HMRC’s response time
- Section 9 clarifies unjust enrichment, the reimbursement scheme, and repayment of interest on overpayments
- Additional changes clarify HMRC’s approach to VAT penalties and interest for accounting periods starting on or after 1 January 2023
Source: taxscape.deloitte.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.
Latest Posts in "United Kingdom"
- Isle of Wight NHS Trust vs HMRC: VAT Exemption Dispute on Locum Medical Practitioners
- HMRC Guidance: How to correct VAT errors and make adjustments or claims (VAT Notice 700/45)
- Supreme Court Decision Mandates Prudential to Pay VAT on £9.3 Million Success Fees
- UK Supreme Court Rules on VAT Grouping and Time of Supply in Prudential Case
- High Court Rules in Favor of Hotelbeds UK on Input Tax Recovery Without VAT Invoices
