Changes to UK VAT Reverse Charge procedure
HMRC have recently updated the domestic reverse charge procedure, specifically, the reverse charge sales list (RCSL).
Some VAT-registered businesses will be required to submit updated RCSL’s by Friday 20th August 2020 or else be liable to penalties. Penalties are calculated daily for a maximum of 100 days at increasing rates. Penalties will also apply to errors and late submissions.
Submissions may be made via the Making Tax Digital for VAT Service.
This will affect all VAT-registered businesses that supply or purchase goods and services as listed in Section 3 of the notice, which may be found on the HMRC website linked below.