If you have been accused of being involved in Missing Trader Intra Community (MTIC) or carousel fraud, it is important that you contact a fraud solicitor at the earliest opportunity. The experienced solicitors at Farleys’ SCU (Special Casework Unit) are available to provide clear, reasoned legal advice and support. Contact us on 0125 460 6090 or e-mail us , and one of our specialist fraud solicitors will get back to you as soon as possible.
What is MTIC Fraud or Carousel Fraud?
The fraud occurs, in simple terms, where high value goods such as computer chips and mobile phones are imported to the UK from an EU member state by a ‘missing’, ‘hijacked’ or ‘defaulting’ trader.
The importer will sell the zero rated goods he has acquired and he will charge VAT to his customer. The importer will then fail to account to HMRC for the VAT he has charged. The goods are ‘traded’ through a chain of ‘buffer’ companies until they are ultimately exported by a ‘broker’. The ‘broker’ then seeks to reclaim the VAT they have paid to their supplier from HMRC.
What penalties are attached to MTIC Fraud or Carousel Fraud?
MTIC ‘Missing Trader Intra Community’ or carousel fraud is viewed very seriously as it costs the UK Treasury billions of pounds in lost revenue every year.
Along with a very substantial sentence of imprisonment, being convicted of this type of crime can also lead to confiscation proceedings.
Allegations of participation in MTIC fraud can also lead to reclaims of VAT being withheld by HMRC. In this instance, we are also able to assist you with a VAT reclaim appeal to the First Tier Tax Tribunal.
If you have been accused of MTIC or carousel fraud, it is important that you contact a fraud solicitor as soon as possible, with the knowledge and expertise to begin preparing a case in your defence.
Contact Farleys’ SCU
As members of the Specialist Fraud Panel, the team of fraud and business crime solicitors at Farleys are skilled in providing a prompt assessment of your case and beginning preparations for your defence.
For more information about the legal implications of an MTIC or carousel fraud conviction, or to speak to a lawyer with experience in all aspects of serious fraud and business crime, call 0125 460 6090or e-mail us .