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A batch of avoidable VAT pitfalls is rustled up by GRAHAM ELLIOTT
KEY POINTS
- Keeping clear of MTIC fraud.
- Hidden costs of TOGC transactions.
- Group registration to share staff costs.
- Reverse charge.
I once commented to my old university professor that I had recently met with some good luck. He drily observed: ‘you make your own luck’. I have held that thought for all these years and it is certainly an aphorism that applies to handling VAT.
There are many traps including some created by unimaginable strange and illogical rules but they should be avoidable if the possibility of a trap is recognised and timely action taken.
Here are 13 examples where you can make your own luck.
1. MTIC fraud
If you deal in bulk consignments of goods such as telephones computers electronic leisure equipment or parts...
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