The Treasury has taken pro active measures against the possibility of a major VAT fraud occurring, wrt trading in carbon credits, by zero rating carbon credits.Fraud in this area so far is estimated to have cost the Treasury a few hundred million pounds.
The fraud occurs when a fraudulent trader sells on carbon credits (bought at no VAT cost from a European supplier) to a UK business with VAT added. The fraudulent trader then pockets the VAT, and disappears without paying the VAT to HMRC.
The action taken by the Treasury is without the approval of the EU parliament, which is normally required for changes in VAT.
Tax does have to be taxing.
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"Tax Investigation for Dummies, by Nick Morgan, provides a good and easy to read guide for anyone caught up in an HMRC tax investigation. A must read for any Self Assessment taxpayer."
ReplyDeleteDoes the book include details of whether you can claim as a deduction the cost of defending yourself against a publisher sueing you for trademark infrigement? :)
Selling carbon credits? (Quick Google) Good lord, there really is such a thing.
ReplyDeleteIt all sounds very intangible and notional but no worse than valuing goodwill I suppose.
Xoggoth
ReplyDeletere carbon credits, oddly enough I have more than "a little" knowledge on the subject; as it is something my company may have possibilites to do something with re our operations in AP.
Not that we have managed it yet:)
Ken
"AP"?
ReplyDelete