Thursday 16 August 2007

ICAEW Demands Compensation For VAT Delay

HM Revenue & Customs should offer compensation to those businesses stuck on a VAT waiting list, the ICAEW has recommended.

The institute made the recommendation in a paper to HMRC suggesting how to resolve the 3-month backlog.

The ICAEW also wants a parliamentary inquiry into why the delays in obtaining a VAT number, which apply to online and paper registrants, are getting worse.

The ICAEW said in a statement:

"We are concerned that the continuing delays have damaged HMRC's reputation and will act to discourage good tax compliance from taxpayers."

Source Accountancy Age