- HMRC has updated VAT Notice 742A to reflect changes to the option to tax (OTT) acknowledgement process and update the list of authorised signatories
- Changes to the OTT acknowledgement process include no longer issuing formal acknowledgement letters for OTT notifications
- The list of authorised signatories has been extended to include various types of entities/organisations
- It is crucial for businesses to ensure that OTTs are validly made and notified to HMRC
- If an appropriate person has not signed the OTT, it is not valid and may cause issues in the future
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.
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