The accountancy body Institute of Chartered Accountants in England and Wales (ICAEW) has criticised UK state revenues collection agency HMRC over the delays in VAT registrations.
These are running at around three months and new companies find it difficult to trade without
one. The ICAEW wants the HMRC to pay compensation and I suppose pigs will fly before that
happens. I get the impression that HMRC just wants to rake the money in.
The VAT delays are due to more checks against fraud. HMRC says these are essential
but promises there will be a plan to improve the situation.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/13/cnvat113.xml
The missing trader fraud (carousel) even distorted UK trade statistics with mobile phones. for instance being bought VAT free in Europe and then eventually being sold back to
the continent. Apparently, it was costing the Treasury £5bn a year. Nice one Gordon Brown!!
http://politics.guardian.co.uk/eu/story/0,,2049661,00.html
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