The Office of Tax Simplification has recently published its interim report on VAT simplification.
Full details here
The main areas covered are:
- The UK’s high VAT registration threshold
- Incidental exempt supplies
- Complexity of multiple rates
- Option to Tax and Capital Goods Scheme
- Treatment of VAT overpayments
- Alternative Dispute Resolution (details of ADR here)
- Non-Statutory clearances by HMRC
- Special schemes eg; Flat rate Scheme and TOMS
- Penalties
Please contact us should you have any queries on any of the issues covered by the report.