HMRC Introduces Reverse Charge VAT on UK Wholesale Telecoms Supplies largely to minimise Missing Trader Fraud

Thanks in part to the initiative of one our clients, HM Revenue & Customs announced legislation to introduce a reverse charge accounting mechanism for wholesale supplies of telecommunications services in the UK. The Government has stated that it is introducing this ‘in response to the threat of missing trader intra-community fraud in those supplies’.   In summary,…