HMRC Notice 700/8 sets out mandatory disclosure requirements for arrangements and transactions designed to provide a VAT advantage. Businesses and advisers involved in VAT avoidance schemes must notify HMRC of these arrangements, with specific reporting deadlines and criteria determining when disclosure is required. The notice establishes the framework for identifying reportable transactions and the consequences of failure to comply with disclosure obligations.
Source: HMRC (GOV.UK) – Read the original