|
|
23 Aug 2010
HM Revenue & Customs has unveiled its proposals on reverse VAT charges in relation to carbon trading.
Due to escalating VAT fraud around carbon trading HMRC introduced a zero rate of VAT in July 2009 - while it awaited an EU-wide directive.
The taxman has now unveiled its proposed implementation of a reverse charge on VAT payments on carbon trading. At the same time the zero rate of VAT will be withdrawn.
From 1 November, subject to parliamentary process, it will be the responsiblity of the customer rather than supplier to inform HMRC of VAT payments on carbon emissions, purchased through the EU emissions trading scheme.
The EU-wide directive to provide a reverse option for all member states was adopted in March.
Further reading:
EU introduce reverse VAT for carbon trading
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment