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2017 will be the year of VAT return changes

Home / Blog Entry / 2017 will be the year of VAT return changes

In 2016 the big focus in the tax world was on global developments. In 2017 there is expected to be a shift towards VAT returns with particular emphasis on cutting down on fraud. According to estimates from the EU member states lose around £43 billion each year due to fraudulent VAT returns. This is a huge figure and showcases how important it is to tackle the problem.

One thing that tax authorities around the world point at as needing to change is the process of submitting VAT tax returns. They claim that monthly and quarterly returns are not adequate for preventing fraud.

A big change that has been put forward by 13 EU member states is ensuring businesses have a full electronic list of their sales and transactions. This would dramatically reduce the risk of fraud as tax authorities would have a wealth of information at their fingertips.

Live transactional data is expected to be one of the biggest topics in the VAT returns world in 2017. It would simplify the current system, doing away with incremental payments and reducing opportunities for fraudulent activities.

It is not yet known how EU changes to VAT laws will impact the UK with Brexit still being debated. This will be a hot topic during the current year.

There is even more news about changes in the tax world in 2017. India was set to introduce a reformed Goods and Services Tax (GST) to replace its outdated system on 1st April. It now looks like they will miss this deadline though and the introduction will not be made until September.

At Brian G Lonis we are committed to providing the very best level of service we can to each and every client. This has helped us to become one of the leading accountants in London. VAT tax returns are one area where we excel and we strive to give clients all of the support they need. To do this we must keep an eye on what is happening in the world and what changes are being sought. We do this with pride and pass on the knowledge we acquire.