Hi all,
I am hoping someone can clear something up for me. A friend of mine has his own business and a while ago discovered that he could legally claim back VAT for business purchases even though they were made a few years ago. He got a good chunk of money back.
However, since then he seems to have spent this amount and then some. He has hinted at having some kind of scam going and I am convinced he is not above board.
My question is this: what is to stop a business owner from buying some expensive equipment from a shop, claiming a VAT refund, then returning that item for a full refund from the shop. Including the VAT that they originally paid?
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