HM Revenue and Customs have recently published new guidance on how traders can spot MTIC fraud.
The guidance is available to download from the HM Revenue and Customs website at: http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageImport_ShowContent&propertyType=document&columns=1&id=HMCE_PROD1_025808
This type of VAT fraud is migrating into all sorts of different product sectors and therefore any business buying and selling goods should be extra vigilant
Where HM Revenue and Customs believe that a trader knew or should have known that transactions were involved in VAT fraud they may refuse claims for input VAT on those transactions, which could be very costly for a business.
Please contact Eaves & Co if you require any advice to protect against MTIC fraud in your business or assistance in demonstrating to HM Revenue and Customs that you are an innocent trader, if you are already in extended verification.