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Hk Fooey

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Hk Fooey

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Thursday, 01/17/2008 8:12:17 AM

Thursday, January 17, 2008 8:12:17 AM

Post# of 5965
Livewire Telecom Ltd's - Success in VAT Tribunal

Posted: 17 January 2008


Livewire Telecom Ltd’s success in its appeal to the VAT Tribunal

Vantis Tax is pleased to announce that the VAT appeal conducted by this firm on behalf of its client, Livewire Telecom Ltd (‘Livewire’), has been successful and the VAT Tribunal has overturned HM Revenue & Customs’ (“HMRC’s”) decision to deny a VAT repayment to Livewire, a mobile phone wholesale company. This landmark ruling is extremely significant as it is the first case in which a decision by HMRC that a company “knew or should have known” about fraud in a supply chain has been overturned by the VAT Tribunal. Livewire’s case concerned a specific allegation of VAT losses allegedly disguised by so called “contra trading”. However, the implications of this decision for the hundreds of companies who have had their repayments denied, or withheld, in similar circumstances will be extremely far-reaching, and a number of the Tribunal’s key findings will have a marked effect upon future cases alleged to involve defaulting or missing traders.
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