HM Revenue and Customs (HMRC) has updated its guide on its Mini One Stop Shop (MOSS) scheme. The guide explains how businesses can correct VAT MOSS returns.
The MOSS was introduced to simplify compliance with the January 2015 change to EU place of supply rules, which have required companies that provide broadcasting, telecommunications, or electronic services to account for VAT in the location of the consumer. Businesses have to file a MOSS VAT Return 20 days after the end of each calendar quarter.
The first deadline was 20th April and the next deadline is 20th July. HMRC has said that businesses can amend their VAT MOSS Returns by submitting a correction to the original return using the online service.
Changes to MOSS VAT Returns can be made up to 3 years and 20 days after the end of the relevant period.
In order to reduce VAT liabilities businesses should ensure that their bank details are up to date before correcting a return.
Speak to Avery Clifton about amending Moss VAT Returns