In a letter being sent to businesses across the country, HMRC has published the following information on the effect a no-deal Brexit would have on changes to VAT IT systems.
We have reproduced below a summary from the letter of the main
As a general rule, most deposits made by customers serve as advance payments and create a VAT tax point when the deposit is received. It is important that businesses ensure that the VAT element of any deposits received is accounted for correctly.
The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will be required to start
Where an error on a VAT return is discovered, VAT registered businesses have a duty to correct the error as soon as possible.
As a general rule, you can use a current VAT return to make an adjustment to a past VAT return. However, in order to be