Grant Thornton welcomes ‘anti-fraud” leaflet

Grant Thornton has welcomed HM Revenue & Customs leaflet designed to
prevent firms getting caught up in missing trader intra-community (MTIC) fraud,
commonly referred to as ‘carousel fraud’.

Carousel fraud costs the UK government between £1.1bn and £1.9bn per year.

The leaflet – ‘How to spot VAT missing trader fraud’ – has been published on
HM Revenue & Customs’ website and was drafted by HMRC together with input
from the profession through the Joint VAT Consultative Committee (JVCC).

Paddy Behan, VAT director at Grant Thornton, said: ‘We welcome the
publication of this leaflet. Through consultation, HMRC has taken into account
the views of VAT and business advisers alike and the result is a common sense
guide for UK plc.’

‘The threat is not confined to tax loss but includes a systemic involvement
of organised crime,’ he added.

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