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Changing approach of businesses to VAT compliance

31 March 2020 / Robert Marchant
Issue: 4738 / Categories: Comment & Analysis
Adapt to survive

Businesses and their advisers will be grappling with the tax and cashflow implications of the coronavirus outbreak but many will have also been wondering how to stay on top of an ever-changing VAT regime. Increasingly my clients are focusing on VAT governance and ensuring processes and controls are in place. Although still an aim there is less emphasis on optimising ‘what’ amount of VAT is due or recoverable and more on ‘how’ VAT compliance is dealt with so that the correct amount of tax is paid at the right time. I think this approach reflects the changed climate in which businesses and tax advisers operate. Tax has become an emotive and high-profile subject thanks to media reporting punitive measures to (rightly) challenge tax evasion and difficult economic times as well as the...

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