MPs launch inquiry into 'complex and burdensome' VAT

Plus two further tax inquiries

Hannah Godfrey
clock • 2 min read

The Treasury Committee has launched a wide-ranging inquiry on VAT while the Treasury sub-committee is to conduct two further inquiries into tax avoidance and evasion, and the resolution of tax disputes.

There will be four components to the committee's VAT inquiry, including considering where VAT causes the biggest problems for business, how the situation might be improved, and how disagreements between businesses and HM Revenue & Customs (HMRC) about how much VAT is due can be resolved quickly. According to the Treasury, VAT is "notoriously complex and burdensome for business to cope with". The committee will also look at the tax gap and how it might be addressed - HMRC has estimated it was unable to collect £12.6bn in 2015/16. Other areas of focus for the inquiry will be the oppo...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

No naming without shaming? The FCA's transparency plans

No naming without shaming? The FCA's transparency plans

The impact of the FCA’s plans to name firms under investigation

Chris Croft
clock 27 March 2024 • 4 min read
FSCS declares three financial advisory firms in default

FSCS declares three financial advisory firms in default

Latest batch of failed firms revealed by lifeboat fund

Jenna Brown
clock 25 March 2024 • 1 min read
FCA commits to fast authorisations to boost finance sector

FCA commits to fast authorisations to boost finance sector

The regulator’s latest business plan highlights this focus

Sahar Nazir
clock 19 March 2024 • 1 min read