The CIOT continues to engage regularly with HMRC on the Making Tax Digital (MTD) for VAT plans. Initial primary legislation has been published and secondary legislation is expected before the end of 2017.
The impact of unclear and out of date guidance can be a significant barrier to the smooth and fair operation of the tax system. This is an issue that our members regularly contact us about. What can be done to improve the current situation?
On 20 April, HMRC issued a number of updates to its ‘ VAT Input Tax ’ internal guidance manuals; specifically in relation to the VAT recovery position of holding companies and deal costs. This will therefore be of interest to many businesses; particularly those involved with merger & acquisition transactions.