The case concerned the recovery of VAT for the cost of listing on the Alternative Investment Market. It signifies that Customs is broadly resigned to losing ground in its attempts to block recovery of VAT in relation to corporate finance and restructuring activities.
John Graham, VAT partner at Big Four firm Deloitte & Touche, believes the Customs back down is significant. ‘The implication for other businesses seeking to obtain AIM listings, and indeed in other share transactions, is that VAT incurred on many of the professional fees is likely to be recoverable.
‘This will be of particular importance to small, high-growth businesses, who do not necessarily have the funds available to bear such costs.’
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year