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Is VAT the question for innocent parties who find themselves caught up in a fraudulent transaction, asks STEVE SIMMONITE.
Key points
- Carousel fraud is no longer confined to mobile phone and computer chip industries (CPUs).
- Customs' actions in denying input tax relief.
- Who are wholly innocent traders?
- How to spot fraudsters.
- How to protect yourself your business and your clients.
VAT fraud takes many forms and the types that are most frequently reported are acquisition fraud and carousel or missing trader intra community (MTIC) fraud. For the past decade Customs — now HMRC — have committed considerable resources to fighting this type of fraud in the telecommunications and technology industries. The increase in regulation and aggressive enforcement action undertaken by HMRC to combat these frauds has had a negative impact on legitimate traders. This has taken the form of an increased administrative burden to evidence the legitimacy of supplies and the threat...
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