BB/12A/05 VAT—aligning VAT accounting periodsBusiness brief, Issue 12. 15 June 2005This Business Brief article explains and further publicises HM Revenue & Customs' existing policy on the use of the power to align VAT accounting periods.BackgroundHM Revenue & Customs continue to be concerned about situations in which businesses “stagger” their VAT accounting periods in order to gain an unjustified and unintended cash flow benefit at the expense of the revenue.One familiar example is the routing of export sales through a subsidiary which is outside the VAT group, or main VAT registration. In these cases, the export company has zero rated
Business brief, Issue 12. 15 June 2005
This Business Brief article explains and further publicises HM Revenue & Customs' existing policy on the use of the power to align VAT accounting periods.
HM Revenue & Customs continue to be concerned about situations in which businesses “stagger” their VAT accounting periods in order to gain an unjustified and unintended cash flow benefit at the expense of the revenue.
One familiar example is the routing of export sales through a subsidiary which is outside the VAT group, or main VAT registration. In these cases, the export company has zero rated
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