TaxAdministrationVAT rule could be worthless

VAT rule could be worthless

A new VAT software 'standard' to be implemented by HMRC could end up as a white elephant, figures in the tax software industry warn

Despite a year of collaboration between HM Revenue & Customs, ICAEW,
standard setters BSI and the software industry, demand for the new standard has
been questioned.

Richard Anning, marketing director at business software giants Systems Union
said: ‘The main issue for us is where the demand is for the standard. We don’t
see much demand from customers or tax authorities; we’re adopting a wait and see
approach.’
Other figures in the industry also questioned whether there would be interest in
the ‘publicly available specification’, known as PAS76.

A lack of interest among the providers would mirror a previous situation when
an attempt by HMRC to launch a VAT software accreditation failed.

An HMRCspokesman said: ‘Feedback from HMRCaudit staff and our national VAT
telephone advice service has, for some time, reported a demand from business for
HMRC to recommend tax safe VAT accounting packages.’

HMRC controversially launched its plans at industry event Softworld
Accounting and Finance, in March 2005.

Details of the scheme infuriated the ICAEW, who claimed that its own tax
software accreditation was adequate for software companies, and further
compliance would be a waste of money passed on to software companies’ clients.

Related Articles

Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

4d Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter
HRMC loses £653,000 tax battle following administration error

Administration HRMC loses £653,000 tax battle following administration error

1y Fraser Simpson, Reporter
European inquiry into Panama Papers receives go-ahead

Administration European inquiry into Panama Papers receives go-ahead

1y Fraser Simpson, Reporter
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter
European Commission close to anti-tax avoidance package

Administration European Commission close to anti-tax avoidance package

1y Fraser Simpson, Reporter
‘Significant recovery’ for HMRC customer service, claims boss Thompson

Administration ‘Significant recovery’ for HMRC customer service, claims boss Thompson

1y Fraser Simpson, Reporter