VAT

A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the “value added” to a product, material or service, from an accounting point of view, by this stage of its manufacture or distribution. The manufacturer remits to the government the difference between these two amounts, and retains the rest for themselves to offset the taxes they had previously paid on the inputs.

Further convictions in £17m missing trader fraud

Further convictions have been secured by HMRC against an organised crime gang who conspired to steal £17m of taxpayer’s money in a ‘missing trader’ VAT fraud. Criminal investigators from HM Revenue & Customs (HMRC) investigated the multi million pound fraud, centred on the mobile phone industry, in an investigation beginning in 2006. VAT reclaims were …

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