New penalties regime VAT refund claims

Pincvision received a notification letter from HM Revenue & Customs regarding a new penalties regime.

The UK has introduced a new system of penalties for errors in tax returns, including VAT refund claims.

These new penalties apply to VAT claims made under the EC 13th Directive (86/560/EEC) by businesses based outside the European Union, (for years commencing on or after 1 July 2008) and to VAT claims made under the EC 8th Directive made by bussinesses based in other European Union member states, (for years commencing on or after 1 January 2009).

Click here for more information about the penalties for errors in claims for VAT refunds in the UK.