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Keep it simple
KEY POINTS
- The OTS VAT review recognises the impact Brexit will have on the system.
- Changes to the threshold and special rates would if implemented take up to five years to come into effect.
- Improvements to HMRC’s VAT guidance could be made immediately.
- The aim is to minimise the administrative burden of VAT on taxpayers.
In its report on making VAT more straightforward the Office of Tax Simplification (OTS) made 23 recommendations. Eight were ‘core’ measures and 15 were either administrative or technical. See Key recommendations.
This is the first wide-ranging simplification review of the VAT system since it was introduced in 1973....
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