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Pyramid scams....stay away?

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Comments

  • MothballsWallet
    MothballsWallet Posts: 15,912 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    OP, I'd also give any information you have on this person to the police, specifically via Action Fraud - click here to go to their website.
  • webnise
    webnise Posts: 76 Forumite
    Pyramid scheme is illegal but why ACN charging VAT for it (325+VAT)? Isn't the govt promoting this business?
  • paddyrg
    paddyrg Posts: 13,543 Forumite
    webnise wrote: »
    Pyramid scheme is illegal but why ACN charging VAT for it (325+VAT)? Isn't the govt promoting this business?

    Eh? VAT is not an endorsement from the government, it's a tax on qualifying business transactions.
  • browneyedbazzi
    browneyedbazzi Posts: 3,405 Forumite
    I've been Money Tipped!
    paddyrg wrote: »
    Eh? VAT is not an endorsement from the government, it's a tax on qualifying business transactions.

    Quite. And scammers may 'charge' VAT to lend an air of credibility to their business.
    Common sense?...There's nothing common about sense!
  • webnise
    webnise Posts: 76 Forumite
    edited 25 July 2014 at 5:23PM
    paddyrg wrote: »
    Eh? VAT is not an endorsement from the government, it's a tax on qualifying business transactions.

    True not an endorsement directly but the underlying message from the govt is that these business transactions are legitimate as we take tax on it..isn't it?

    I have emailed HMRC and Companies house to give me more information about ACN Inc to find out how much they have contributed to the exchequer.

    Their VAT number is : GB726362533 and Companies house number is: 3650246
  • webnise
    webnise Posts: 76 Forumite
    edited 25 July 2014 at 5:17PM
    browneyedbazzi wrote: »
    Quite. And scammers may 'charge' VAT to lend an air of credibility to their business.

    Not just in UK, they are operating in 20 different countries and I am really surprised how they are able to dodge all the legalities in all of these countries.

    There is a 5 year (max) imprisonment and/or $200,000 (max) fine for anyone involved in pyramid scheme in Canada (source: http://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/eng/03035.html) and they have large presence there. They shouldn't be allowed to operate at any cost !!
  • browneyedbazzi
    browneyedbazzi Posts: 3,405 Forumite
    I've been Money Tipped!
    webnise wrote: »
    True not an endorsement directly but the underlying message from the govt is that these business transactions are legitimate as we take tax on it..isn't it?

    I have emailed HMRC and Companies house to give me more information about ACN Inc to find out how much they have contributed to the exchequer.

    No it isn't.

    And just because a business claims to charge/pay VAT doesn't mean they do.
    Common sense?...There's nothing common about sense!
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    https://www.youtube.com/watch?v=a231RLKyfPw
    Thinking critically since 1996....
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