Accountancy Live | Government anti-VAT fraud proposals have teeth

Online VAT fraud has been highlighted as a growing risk that costs the tax payer £1.2bn per year. As a result, the government announced additional measures intended to stunt this incline.

Having previously written about EU VAT Fraud measures and initiatives Hallam’s latest article featured in Accountancy Live considers the potential impact the UK’s policy may have.

…Osborne announced plans to give HMRC new powers to tackle the problem of VAT fraud by overseas based online marketplace sellers (sellers fail to charge VAT on products, both reducing the Treasury’s tax take and putting UK businesses at a competitive disadvantage) in the Budget of March 2016…

Read the article here