The UK's tax authorities (HMRC), required by the Govt.
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The UK's tax authorities (HMRC), required by the Govt. to do more to close the 'tax gap' between taxes expected & taxes *actually* paid, have begun to focus on VAT as a key area where firms (of all sizes) have (wilfully, mistakenly?) misinterpreted VAT criteria to their own advantage.
Certainly the rules are not simple, but the level of underpayment, revealed by HMRC data mining, has prompted a growing level of 'probes' into business accounts; The VAT-man is coming!
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The UK's tax authorities (HMRC), required by the Govt. to do more to close the 'tax gap' between taxes expected & taxes *actually* paid, have begun to focus on VAT as a key area where firms (of all sizes) have (wilfully, mistakenly?) misinterpreted VAT criteria to their own advantage.
Certainly the rules are not simple, but the level of underpayment, revealed by HMRC data mining, has prompted a growing level of 'probes' into business accounts; The VAT-man is coming!
@ChrisMayLA6 VAT is a tax that should be replaced (not sure how: a purchase tax, maybe) - it's far too complex and can be avoided or fiddled rather too easily.
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The UK's tax authorities (HMRC), required by the Govt. to do more to close the 'tax gap' between taxes expected & taxes *actually* paid, have begun to focus on VAT as a key area where firms (of all sizes) have (wilfully, mistakenly?) misinterpreted VAT criteria to their own advantage.
Certainly the rules are not simple, but the level of underpayment, revealed by HMRC data mining, has prompted a growing level of 'probes' into business accounts; The VAT-man is coming!
@ChrisMayLA6 The cycle of crackdowns on VAT turns once again. Another worry for small biz along with Making Tax Digital. HMRC once again overlooking juicy mega-cos like Meta, Google, Amazon, offshore havens etc.
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