VAT fraud – HMRC conviction
HMRC recently won a VAT fraud case that saw the imprisonment of a Gloucestershire businessman, who stole almost £265,000 of taxpayers’ money by claiming false VAT repayments for his web development company.
HMRC recently won a VAT fraud case that saw the imprisonment of a Gloucestershire businessman, who stole almost £265,000 of taxpayers’ money by claiming false VAT repayments for his web development company.
HMRC has introduced a new policy paper which is an anti-fraud measure that removes the opportunity for fraudsters to charge VAT and then go missing before paying it over to the Exchequer in Missing Trader Intra-Community (MTIC) fraud.
HMRC can vary the level of VAT paid on particular goods and from next year there will be an increase in the level of VAT paid on some renewable technologies.
Many people live in fear of a VAT inspection but understanding how businesses are selected for an assurance visit, how to prepare and how to conduct a visit can remove much of that nervousness.
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