VAT registrations are being delayed by the crackdown on VAT fraud.
HM Revenue & Customs has admitted that it is checking registrations more
rigorously in order to prevent the fraud, raising fears about the impact the
crackdown could have on business development.
Delays have lasted as long as 12 weeks, the FT reported. HMRC was
quoted as saying that ‘in the current climate of criminal attacks on the VAT
system, some extra checking is unavoidable’.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory