- HMRC is writing to businesses who use third-party payment processors regarding VAT accounting
- VAT is accountable on the full value of the supply, not on a value net of payment processors’ fees
- HMRC is concerned that suppliers are not bringing the correct amount of VAT to account
- HMRC is urging businesses to check their VAT accounting and correct any errors
- It is unclear what records HMRC is relying on when selecting businesses to write to
- Businesses should ensure they have access to data indicating the gross value of supplies made for accurate VAT reporting
Source: saffery.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"
- Property TOGCs Under the Microscope: Navigating VAT Conditions and HMRC Expectations
- Fintua Sponsors Indirect Taxes Annual Conference 2025 in London (Nov 12)
- VAT Hike Would Cause Biggest Economic Damage, Leading Economists Warn Chancellor
- HMRC Clarifies VAT Treatment of Overage Payments on Land Sales
- VAT Error Correction: Amending Returns, Claiming Refunds, and Avoiding Penalties
