PracticeAccounting FirmsPKF to join BDO in carousel statement

PKF to join BDO in carousel statement

Mid-tier firms line up to condemn MTIC fraud after government initiative

PKF is to join BDO in making a statement condemning MTIC fraud, with Grant
Thornton set to follow suit shortly.

PKF told AccountancyAge.com that it would be joining BDO in the condemnation
of carousel frauds, which cost the UK between £1.1bn and £1.9bn a year.

The statements have been prompted by an HMRC initiative to get advisers on
side in relation to the frauds. HMRC had taken the view that some advisers
thought carousel fraud was simply a clever form of tax planning.

The frauds involve criminals accounting for VAT in sales but not paying the
tax before disappearing.

Grant Thornton is also likely to make a similar statement, it is thought,
after a meeting with senior figures from HMRC on Friday.

Some advisors have been bemused by HMRC’s insistence on the statements, one
saying that it would be obvious that firms would be against MTIC fraud: ‘Apart
from anything else, it costs our clients money too,’ one said.

AccountancyAge.com will have more information as soon as it comes in.

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