Defences against VAT's blunt instrument

Article Abstract:

Assessments for serious misdeclaration of value-added tax (VAT) can prove to be costly should Customs invoke the mandated penalty assessment under section 14(1) of the Finance Act of 1985. Two defences commonly used to appeal a penalty assessment are to prove that a 'reasonable excuse' existed for the misdeclaration and to assert that the misdeclaration was voluntarily disclosed. Other defences that may be used include asserting that the misdeclaration did not exceed thresholds and stating that assessments were based on incorrect penalty rates.

Admin. of general economic programs, Laws, regulations and rules, United Kingdom. Board of Customs and Excise

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Ready money

Article Abstract:

The cash accounting scheme of value added tax was designed to increase small firm growth. However, although 320,000 persons are eligible to use the scheme, only 32,779 had applied for authorization to use it as of April 1988. The regulations of the Value Added Tax (Cash Accounting) Regulations 1987 (SI No. 1427) and the paragraphs of the Customs and Excise Notice 731 are described to determine eligibility and practicality of using the scheme.

United Kingdom, Small business, Cash position (Corporate finance), Cash basis accounting

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A question of VAT

Article Abstract:

A series of fifteen questions concerning the UK value added tax from the perspective of the accounting profession is presented. Answers will be provided in the October 1989 issue. The series includes questions on liability, penalties, and the zero-rating of certain supplies.

Methods

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