Report reveals progress in closing the ‘VAT gap’_2
7 September 2012
Customs Minister John Healey has welcomed a VAT strategy report by the National Audit Office (NAO) which highlights ‘the importance of strategies in place’ but admits there is still more to be done.
The report has revealed that HM Customs and Excise detected 4,000 fraudulent traders last year, adding revenues of £65 million. A further 3,900 traders registered for VAT voluntarily during an incentive scheme that stopped penalties for traders that registered between April and September last year. This created a further £26 million.
John Bourn, Head of the...