BusinessCompany NewsSMEs hurt by delays in registering for VAT

SMEs hurt by delays in registering for VAT

Delays the result of HMRC trying to stamp out carousel fraud

Attempts by HM Revenue & Customs to stamp out
‘missing
trader fraud’
is hurting small businesses in the UK, according to mid-tier
firm Baker Tilly.

The efforts by HMRC to eradicate the multi-billion dollar fraud epidemic is
having the knock-on effect of causing delays in small businesses trading in
mobile phones and other small, electronic equipment to register for VAT, the
firm said.

Dishonest traders are currently exploiting EU regulations by registering for
VAT in the UK, acquiring goods duty-free from other member states and then
re-selling them to British companies with the levy re-added. 

George
Bull, head of tax at Baker Tilly
, said: ‘HMRC has more power than ever
before to affect taxpayers’ fortunes and should be required to compensate
taxpayers in full where it is responsible for causing the loss.’

Further reading:

VAT registrations up for sale to fraudsters

KPMG releases fraud prevention guide

Britain’s carousel fraud battle suffers European blow

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