BusinessCompany NewsAnti-fraud measures slowing VAT registration

Anti-fraud measures slowing VAT registration

HMRC trying to prevent carousel fraud and cut costs

Businesses are facing delays in getting registered for VAT because of a new
attempt by HM Revenue & Customs to
stop carousel fraud and because
of a drive to cut costs, The Independent reported.

According to the paper, the average time taken to process VAT registration
applications is now 38 days, way off HMRC’s 14-day target.

According to accountants Blick
Rothenberg
some businesses ‘in extreme cases’ have had to wait up to six
months to be registered for VAT.

‘This is seriously affecting the cash flow of many small to medium-sized
businesses, with what should take a couple of weeks now taking up to 30,’ the
firm said.

HMRC has not set a deadline for hitting the 14-day target.

Further reading:

VAT payers will be pleading innocence

VAT fraud cases pour into courts

Tax fraud: the criminal element

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