Why You Should Be Concerned About Supply Chain VAT Fraud

Welcome to another exciting episode where Claire and Simon dive into the fascinating world of driverless cars and the transformative impact they could have on our daily lives. This episode is particularly engaging as Simon shares his long-standing enthusiasm for autonomous vehicles and how they could revolutionise road travel by 2026.

The discussion kicks off with Simon's vision of a utopian future where cars are not owned by individuals but are instead part of a vast, efficient network of driverless taxis. Imagine summoning a clean, electrically powered vehicle within seconds from an app, transforming wasted driving hours into productive or relaxing time. Claire adds depth to the conversation by sharing insights from her experience working on a project with a global electrical wholesaler, discussing the potential for town centre car parks to become charging hubs for these autonomous vehicles.

In the deep dive segment, Claire introduces the Kittel principle, a lesser-known but critical issue concerning supply chain VAT fraud. Claire explains how businesses can unknowingly become liable for VAT fraud committed by their suppliers and offers practical tips for protecting your business. From basic supplier checks to implementing robust onboarding processes, this segment provides invaluable advice for business owners.

Finally, Simon shares a book recommendation, "Taxtopia" by The Rebel Accountant, a fascinating read about the intricacies of tax avoidance and the broader tax system. This book offers an entertaining yet insightful look at how the tax laws often favor the wealthy, and it motivates readers to understand the tax landscape better.

Don't miss this episode filled with forward-thinking discussions, practical business advice, and a touch of humour. Tune in to learn about the future of driverless cars and how to safeguard your business against VAT fraud.

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.