Firm caught in carousel fraud must pay VAT
HMRC won an upper-tier tribunal decision that means a company unwittingly caught up in a carousel fraud will lose £176,000 in VAT payments.
The ruling overturns a decision in the company’s favour by the first-tier tribunal.
Mobile phone recycling specialist Greener Solutions Limited (GSL) claimed that it was unaware of the missing trader intra-community (MTIC) fraud taking place when it had bought mobile phones and sold them as exports.
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