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The fraud occurs when the criminals sell the goods with VAT in the UK but fail to pass the VAT to HMRC. [49] The goods are often repeatedly shipped around EU countries by criminal gang networks, hence the "carousel" name. [50] According to the HMRC, between £1.1bn and £1.9bn tax revenue was lost in 2004/05 due to carousel fraud. [50]
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
From 1 January 2020, the valid VAT number of the customer is a material requirement to be able to apply the zero VAT rate for intra-Community supplies of goods in the EU. If the customer's VAT number is not valid, 0% VAT rate cannot be applied. Companies must make sure that the VAT numbers of their customers are checked. [4]
HMRC's 2017 consultation response stated that spreadsheets can be used if they can meet with HMRC's technical requirements. [5] However, many taxpayers will use more comprehensive accounting software to avoid the complications of linking a spreadsheet to their digital tax account. [ 6 ]
List of EU VAT Taxpayers – includes those Polish taxpayers who obtained registration allowing to perform intra-community supply transactions and to use their NIP with the PL-prefix as their EU VAT number; not mandatory for VAT-exempt entities involved in intra-community supply transactions worth altogether less than 50000PLN in the given year ...
The VAT Information Exchange System (VIES) is an electronic means of transmitting information relating to VAT registration (i.e., validity of VAT numbers) of companies registered in the European Union. EU law requires that, where goods or services are procured within the EU by a VAT taxpayer, VAT must be paid only in the member state where the ...
An Employer Reference Number Number (ERN Number) or Employer PAYE Reference is a unique reference number issued in the United Kingdom by HMRC to an employer. [1] Every organisation operating a Pay As You Earn (PAYE) scheme is allocated an ERN, a unique set of letters and numbers used by HMRC (and others) to identify each employer, consisting of a three-digit HMRC office number and a reference ...
EU VAT Tax Rates. The European Union value-added tax (or EU VAT) is a value added tax on goods and services within the European Union (EU). The EU's institutions do not collect the tax, but EU member states are each required to adopt in national legislation a value added tax that complies with the EU VAT code.