News Story

Office of Tax Simplification outlines VAT plans

Office of Tax Simplification outlines VAT plans
Release Date: 
13/11/2017

The Office of Tax Simplification (OTS) has published “VAT: routes to simplification”, which includes 23 recommendations on how to simplify VAT.

Much of the report focuses on the impact of the UK’s high registration threshold, and the potential complexity of administering VAT for small traders. It also considers matters that will be of interest to large firms, such as HMRC’s guidance, dispute resolution and partial exemption.

The Chancellor must now respond to the advice given, and it is possible that the Budget may give some heads up on which recommendations will be taken forward.