- HMRC has awarded a contract for the development of a proof of concept for split payment in the UK VAT system.
- Split payment is a mechanism that splits a payment into different elements and routes them to different destinations.
- One of the destinations would be HMRC as payment for the VAT element of a sale.
- The proof of concept follows a call for evidence in 2017 and a consultation in 2018.
- The proof of concept includes requirements for payment splitting, identification of card and non-card payments, and data capture.
- The development will be completed in multiple phases, with the first two phases due by 31 May 2024 and the final phase due by 31 January 2025.
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"
- The UK Should Lower or Abolish, Not Raise, Its VAT Registration Threshold
- UK Should Lower or Abolish VAT Threshold to Boost Small Business Growth and Efficiency
- Lowering VAT Threshold Risks Breaching Labour’s Manifesto, Warns Self-Employed Association
- UK VAT Threshold Debate: Growth-Boosting Increase or Revenue-Raising Decrease at Autumn Budget?
- Chancellor Proposes Raising VAT Registration Threshold to £100,000 to Boost UK Economy
