RegulationAccounting StandardsICAEW demands compensation for VAT backlog

ICAEW demands compensation for VAT backlog

Recommendation made in a paper to HM Revenue & Customs

HM Revenue & Customs should offer
compensation to those businesses stuck on a VAT waiting list,
the ICAEW has recommended.

The institute made the recommendation in a paper to HMRC suggesting how to
resolve the 3-month backlog.

The ICAEW also wants a parliamentary inquiry into why the delays in obtaining
a VAT number, which apply to online and paper registrants, are getting worse.

The ICAEW said in a statement: ‘We are concerned that the continuing delays
have damaged HMRC’s reputation and will act to discourage good tax compliance
from taxpayers.’

Further reading:

VAT payers will be pleading innocence

VAT fraud cases pour into courts

SMEs demand strategic help from accountants

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