In this type of fraud a VAT registered business in the UK buys small high-value goods (such as mobile phones) in other EU countries and imports them into the UK (with zero-rate VAT). The importer then sells those goods at a VAT-inclusive price within the UK. However, before the VAT collected from the UK customer is paid over to HMRC, the importing company is liquidated and its directors disappear (become a missing trader), leaving the VAT unpaid. If you are the customer who bought those goods, or are involved in the supply chain in anyway, the Taxman can come after you for the VAT due. How to spot missing trade fraud:

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