HMRC recently released its Guidelines for Compliance, which it considers will help businesses establish an appropriate tax control framework. The aim is to eliminate errors as much as possible.
In the UK HMRC has recently released its Guidelines for Compliance which outlines expectations and suggested good practice in respect of VAT accounting and VAT compliance processes
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Author: Ivana Picajkić
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Fiscal subject related
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593
Content accuracy validation date:
13.11.2024
Content accuracy validation time:
09:10h
The HMRC guidelines provide comprehensive recommendations for VAT compliance, emphasizing the importance of a well-documented process to manage key risk areas. A primary goal is to help businesses strengthen their VAT processes, thereby minimizing errors and reducing the risk of VAT assessments, interest, and penalties.
Guidelines cover sales processes, purchase processes, employee expenses, accounting system configuration, VAT reporting, manual adjustments, outsourcing, and correcting errors.
What are the key Recommendations?
- Documented VAT Compliance: Businesses should establish clear VAT compliance procedures that outline employee roles and responsibilities, including any outsourcing to third parties,
- Risk Management: The guidelines encourage regular reviews of VAT processes to identify and address weaknesses,
- Collaboration: Effective VAT compliance requires cooperation across different business areas to align objectives and reduce errors.
By following these guidelines, businesses can improve their VAT practices and mitigate potential compliance issues.
Here is the link with the Guidelines:
https://www.saffery.com/insights/publications/vat-update-october-2024/
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