VAT registered businesses will be more than familiar with the requirement to file VAT returns on a quarterly basis, as well as the work involved in filing these documents even where there is a bookkeeper or accountant to assist. Whether the business is required to pay VAT to HMRC, or whether you are able to claim VAT back from HMRC will depend upon the input and output tax applicable for that quarter, but what happens if HMRC disagree and won’t grant a refund of VAT due to you or your business?
HMRC define VAT as a tax on consumer expenditure that is collected on business transactions, imports and acquisitions. With many different rules that apply in various circumstances, and the numerous changes that take place it is not surprising that many businesses find it difficult to keep on top of the rules, regulations and VAT requirements for their business.
Many disputes arise out of specialist VAT issues, including Missing Trader Fraud, Acquisition Tax and VAT issues which arise for businesses dealing with trade outside of the UK including both duty paid and duty suspended trade. Where VAT claims involve goods or services traded with the EU, a refusal to refund input tax may lead to an Acquisition Tax notification.
It is important for each business to have a clear understanding of the position, in order to make the most suitable decision moving forward for your business. Whether your query relates to VAT registration, input/ output tax queries or HMRC VAT visits, Altion Law can provide you with the guidance and assistance you need to ease your mind.
We have advised and represented numerous business in relation to VAT Assessments and Wrongdoing Penalties raised against the business, as well as when HMRC pass any wrongdoing penalty across to the director in their personal capacity. There are strict requirements on when a wrongdoing penalty can be passed across to the director or directors in their personal capacity so it is important to be armed with the correct information as early as possible so don’t hesitate to contact Altion Law for guidance and advice.
Altion Law are specialists at advising and representing parties who have received VAT assessments and wrongdoing penalties from HMRC. If you would like to have a confidential discussion with a member of our team, if you complete our Contact Us Form, we will call you back at a time that is suitable for you or you can contact us directly on 01908 414990.