SolvedVAEC6550 | VAT assessment forms: Production of VAT655
From HM Revenue & Customs · VAT Assessments and Error Correction
This guidance deals with interest matters in respect of prescribed accounting periods starting on or before 31 December 2022. Interest matters with effect from 01 January 2023 are dealt with under Finance Act 2009.
Please see Compliance Handbook page CH140000 onwards to find the new interest rules guidance.
For information about retired VAT systems, go to VAEC0150. For information about Making Tax Digital for VAT and ETMP processes, go to VAEC0200
When the VAT641 is processed, the VAT655 Notice of Assessment is printed for issuing to the trader.
The notification is produced as a package containing a VAT655 incorporating
A summary sheet showing the overall tax and interest assessed, and
An assessment detail page showing the value of tax assessed in each accounting period.
In addition there should be a form VAT667 Statement of Account, showing the trader’s total liability at the time the assessment was processed, including the assessment details.
When the VAT641 is processed, the VAT655 Notice of Assessment is automatically issued to the customer.
At this stage, with the exception of amendments and withdrawal of assessments, the computer calculations resulting from the input of the VAT641 are held in a pending state and any assessment is still
not enforceable
not offset against tax claims, or
in the case of over-declarations, not repaid.
An opportunity then exists for you to vet the documents for accuracy before they are issued to the trader.
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