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 in Farleys Fraud and Business Crime Department are available to provide clear, reasoned legal advice and support.
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, charging 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 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 with the knowledge and expertise to begin preparing a case in your defence as soon as possible.
Contact Farleys’ Fraud Defence Solicitors
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 thereafter beginning preparations for your defence.
For more information about the legal implications of an MTIC or carousel fraud conviction, or to arrange a consultation or to speak with a Business Crime or Commercial Fraud Solicitor, please e-mail Paul Schofield, Bridgette Hibbert or Sian Hall and we will respond to you immediately.
Alternatively, call us now on 01254 52552.