Commentary

BB/12A/05 VAT—aligning VAT accounting periods

Part V16 Forms and other HMRC material

BB/12A/05 VAT—aligning VAT accounting periods

BB/12A/05 VAT—aligning VAT accounting periods

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.

Background

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

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial