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VAT fraud 'remains a real threat to British business'
MPs have written to HMRC chief executive Jon Thompson with concerns about the department’s progress in tackling VAT fraud which it believes ‘remains a real threat to British businesses’.
The House of Commons’ Committee of Public Accounts (PAC) raises several issues it wants HMRC to respond to. The letter:
- recommends that HMRC monitors how marketplaces are honouring their commitments under the new memorandums of understanding;
- raises concerns about phoenix accounts; and
- states that the PAC expects an update in March on HMRC’s progress in tackling online VAT fraud. This should include an appraisal on the impact of the fulfilment house due diligence scheme and notice of whether increased powers are required to tackle VAT fraud.
In a separate letter about the customs declaration service (CDS) PAC chair Meg Hillier said she was ‘disappointed’ that its implementation...
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