HMRC has recently published Brief 36/13 which announces the extension of the reverse charge for businesses trading in mobile telephones, computer chips and emissions allowances.

The reverse charge for mobile phones and computer chips was implemented in the UK with effect from 1 June 2007 to remove the opportunity for fraudsters to use these goods to perpetrate missing trader intra-community (MTIC) carousel fraud. As an exception to the normal accounting rules for VAT, the UK secured agreement to derogate from EU law to apply this anti-fraud measure, which originally ran until 30 April 2009. The derogation was then renewed in 2009 and again in 2011.

By |December 16th, 2013|