Head office | 01772 653 000

Fylde coast office | 01253 347 063

Following a VAT fraud case which could lead to hundreds of millions of pounds in lost taxes, HMRC are targeting businesses in the textiles trade sector. With a budget deficit of VAT receipts estimated at £9.8bn (for the tax year 2020 to 2021), HMRC assess areas of risk and implement campaigns to raise VAT revenue aimed at plugging the hole in the Government’s finance by the economic damage caused by COVID-19.
We have had sight of HMRC correspondence which confirms that they are focusing their attention on textiles traders. They expect businesses to check VAT returns submitted with any input tax deducted adequately evidenced and relating to supplies received by the business. Due diligence should also be completed in respect of supply chains.
For further guidance / information please contact MHA Moore and Smalley 01772 821 021 / 01253 404 404.

Share Follow NWL Chamber on Facebook Twitter Share Follow NWL Chamber on LinkedIn Back to News channel

Latest Articles

Live Chat


Active Lancashire Logo blackpool and the fylde college bhm logo code galaxy fi real estate management fox group james brearley logo merlin ryan logo Studio LWD logo Sustainable Energy First Logo team leyland logo