The UK’s battle against carousel fraud took a positive
step forward when chancellor Gordon Brown announced that France had agreed to
drop its refusal to go along with new rules to combat the problem.
Brown said that France’s move left him confident that the introduction of
reverse charge rules would stop the VAT
fraud, which has cost the taxpayer an estimated £5bn in the last year.
Some European countries have voiced fears that the UK’s rules would see the
problem move to other jurisdictions. Germany and Austria have objected to the
reverse charge rules.
Smaller businesses could be excluded from government plans for making business transactions digital, found new research from ICAEW
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Does Darwin's theory apply to taxation? Colin ponders...