Anti-fraud measures slowing VAT registration
HMRC trying to prevent carousel fraud and cut costs
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
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article