- HMRC VAT inspections of large and medium-sized businesses have sharply increased, with inspections nearly tripling since 2021/22.
- The focus of inspections has shifted from clerical errors to technical interpretation and boundary-pushing VAT positions.
- Late payment penalties have risen, with nearly 582,000 fines issued and £302 million collected in penalties last year.
- Businesses are advised to document judgement areas, review high-risk VAT issues, file returns and payments promptly, and maintain compliant records to reduce risk.
Source: xeinadin.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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