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Brief
On 17/02/2025, the Her Majesty’s Revenue and Customs (HMRC) issued an update regarding VAT Default Interest Manual. This document provides guidance on dealing with Value Added Tax (VAT) default interest, covering various aspects such as the law and legal powers, commercial restitution, calculating liability, and interest adjustments. The guidance outlines procedures for inhibiting, amending, or withdrawing interest in specific circumstances, highlighting the importance of accurate calculations and timely actions to avoid unnecessary disputes.
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