Search Results for 'Missing trader fraud'

From 1 January 2014, businesses which have not paid for supplies (either in full or in part) within a six month period will be required to repay to Revenue the VAT previously reclaimed on these supplies. This is mainly an anti-fraud measure, however it is hoped that it will encourage prompt payments, thus increasing cash flow for suppliers, as we all know that cash is king!! Where the supplier is subsequently paid, the amount of deductible VAT can be reclaimed by the customer again. This is measured on a pro rata basis.

The EU member states have agreed a range of changes to the current VAT rules, known as the VAT Package. This VAT Package will come into effect across the EU on 1 January 2010 and is summarised below. You will need to consider the impact of the new measures for your business.

A number of large changes have been recently introduced in the area of penalties on underpaid tax. The changes are of particular interest in the area of VAT as VAT is a transaction based tax. Therefore a single repetitive error over a period of years can expose a business to significant penalties.

A number of large changes have been recently introduced in the area of penalties on underpaid tax. The changes are of particular interest in the area of VAT as VAT is a transaction based tax. Therefore a single repetitive error over a period of years can expose a business to significant penalties.