A business can update its VAT details with HMRC online or using paper form VAT 484. This includes the business’ contact information, return dates and bank details. HMRC has reported that VAT 484 has been used in fraudulent attempts to gain access to businesses’ VAT repayments. HMRC is taking action to address this issue, including writing to businesses to confirm changes made to their details since January 2024.
ICAEW’s Tax Faculty is urging businesses to act now to ensure that they are not caught out. This includes checking that the bank details are correct in the business’ tax account, and that any expected repayments have been received. Although it is primarily repayment traders that have been targeted, the Tax Faculty is aware of at least one case where the business was normally in a payment position. All VAT-registered businesses should remain vigilant.
Members who come across this are encouraged to send details to Ed Saltmarsh.
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