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E1:74U: United Kingdom Reverse Charge VAT – Technical Brief on How to Implement in EnterpriseOne (Doc ID 2540613.1)

Last updated on AUGUST 20, 2021

Applies to:

JD Edwards EnterpriseOne Accounts Payable - Version 9.0 and later
Information in this document applies to any platform.

Purpose

HM Revenue and Customs (HMRC) are concerned that the UK exchequer is currently losing around £2.0 billion a year in lost revenue due to Missing Trader Intra-Community (MTIC) Fund Fraud, otherwise know as Carousel Fraud. To combat this HMRC will introduce Reverse Charge VAT on mobile phones and computer chips traded between businesses on 1st June 2007.  

 

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