Powers of assessment: VAT assessment powers: Introduction
It is important that traders account for the correct amount of tax for each prescribed accounting period at the correct time. For guidance on the time limits for these accounting periods, see VAEC1120.
Where traders make misdeclarations, the VAT assessment and error correction procedures provide a means of correction to establish the correct liability.
The principal aim of VAT assessments is to establish a legally enforceable debt which can then be pursued as a debt due to the Crown.