Highlights from the broader tax news for the week ending 11 January 2023, including: import VAT declaration issue; and form to make a till system disclosure.
Import VAT issue for declarations made on 30 December 2022
HMRC has updated its guidance to notify businesses of a possible issue with the monthly postponed import VAT statement for December 2022.
Any business that submitted an import declaration on 30 December 2022, and notified HMRC of the use of postponed VAT accounting, should check its postponed import VAT statement for December 2022. It may show a higher amount of import VAT than the business is expecting.
If an incorrect amount of import VAT is identified for 30 December 2022, the business should make an adjustment to its statement and account for the correct amount of import VAT on the relevant VAT return.
This is a result of a technical issue on that day. No other declarations were affected.
Making a till system disclosure
The form to disclose use of a till system to supress sales (thereby reducing declared taxable receipts) has been published by HMRC. Disclosures are invited until 9 April 2023. Read more about the disclosure opportunity.