- VAT fraudster Arif Patel loses Ferrari and property empire worth £90m
- Patel led a major carousel fraud in the UK, attempting to steal £97m through false VAT claims
- The fraud involved fake exports of textiles and mobile phones
- HMRC stopped two thirds of the fraudulent claims, but £33m was still stolen
- The gang also sold counterfeit clothes valued at £50m if genuine
- Confiscation orders have been issued against Patel and his financial enabler
Source: accountancydaily.co
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "United Kingdom"
- VAT Beginner’s Guide: Essential Basics for UK Business Registration and Rates
- When Do You Have to Charge Yourself VAT? Key Situations Explained
- Supreme Court Clarifies VAT Group Rules and Time of Supply Interplay
- Isle of Wight NHS Trust vs HMRC: VAT Exemption Dispute on Locum Medical Practitioners
- HMRC Guidance: How to correct VAT errors and make adjustments or claims (VAT Notice 700/45)
