Deeks Vat News Update: Option to Tax
Summary: Following the trial effective from 30/05/2022 which lasted for 6 weeks, HMRC will no longer carry out multiple checks and acknowledged the Option to Tax, but will provide a receipt only in order to speed things up. The previous procedure was time consuming and unstainable, and the change has been carried out to seek […]
Summary:
Following the trial effective from 30/05/2022 which lasted for 6 weeks, HMRC will no longer carry out multiple checks and acknowledged the Option to Tax, but will provide a receipt only in order to speed things up.
The previous procedure was time consuming and unstainable, and the change has been carried out to seek a more internal efficiency, while maintaining legislative and security obligations.
HMRC have also eliminated the print and post versions of:
– Form VAT 1614E to notify HMRC of a real estate election.
– Form VAT 1614B to notify, or request permission, to stop being a relevant associate of an opter.
They will be continuously monitoring the Option to Tax and Charter processes and are looking for agents with up to 1000 clients to take part in a Beta to further test the new procedure.
