A new form of carousel fraud has been successfully countered by HM Revenue
Three companies, Just Fabulous, Evolution Expert Trading and Brayfal fought
HMRC in the High Court, arguing they were able to reclaim VAT.
They said they could not have known they were operating in a new type of
carousel fraud known as contra trading.
Under contra trading , carousels are linked across borders to offset losses
in one country against another, making it more difficult to track where tax has
won the case, the courts deciding that although a new type of carousel
fraud, still fell under the Kittel ruling, reported
Guardian . Under Kittel, companies are denied VAT reclaims
where they should have known that VAT fraud was taking place at some point in
Are you a spivvy
There are 50 forces leading change in the global public sector that accountants need to prepare for, say ACCA
Companies must report on their complex financial structures including offshore accounts and notify HMRC
An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018