The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant changes began to take effect across the UK’s VAT and customs regime. This document contains guidance on subjects potentially impacted by these changes. Before continuing your research, see the Brexit — overview guidance note.
This guidance note provides an overview of when HMRC would be expected to pay a repayment supplement to a business.
See ‘Back to basics ― VAT refunds, repayment supplement and interest’ by Karen Bullen in Tax Journal, Issue 1066, 21 (25 February 2011).
Finance Act 2021, introduces legislation regarding late payment of VAT and repayment interest. In FA 2021, s 120 and Sch 29 of the legislation, introduces changes which will bring VAT into the scope of the provisions for repayment interest. The changes generally ensure that repayment interest works in the same way for VAT as it currently does for income tax self assessment with the exception of two areas around reasonable enquiry and missing returns, where no interest is payable by HMRC during the period when HMRC is undertaking reasonably enquiries.
These changes come into effect from a date specified by the Treasury.
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