MR IAN CLAYTON RICHARDSON

Disqualified from

2021-05-19

Date of birth on record

February 1971

1. Between at least 28 September 2015 and 25 July 2017 Mr Richardson caused or allowed Aim FM Ltd (“Aim”) to participate in transactions which were connected with the fraudulent evasion of VAT, such connections being something which Mr Richardson either knew or should have known about. In that:- • Mr Richardson was aware of the risks of MTIC VAT fraud or ought to have been aware of it because: • He attended a meeting with HMRC officers on 1 February 2012 during which meeting HMRC officers provided a detailed explanation of MTIC VAT fraud, its background and indicators of the fraud; • He had been provided by HMRC with copies of public notices regarding joint and several liability, invalid input tax and “How to spot MTIC fraud” on 1 February 2012 and 6 April 2016; • On 4 January 2016 HMRC issued a warning letter detailing the risks associated with MTIC VAT fraud and advice regarding due diligence and Know Your Customer checks in order to combat the risk, including HMRC’s VAT verification number facility. • The trading in which Aim was involved had features which put, or should have put Mr Richardson on enquiry about the legitimacy thereof, as follows: • Aim was able to source goods and complete the purchase and onwards sales within a very short space of time – usually on the same day; • Aim was always able to sell exactly the same quantities of electronic goods as it purchased; • The amount of profit made by Aim on the transactions in which it was involved reflects a pattern common in MTIC VAT fraud. • Despite being aware of MTIC VAT fraud and engaging in transactions bearing the features of such fraud, Mr Richardson failed to ensure that Aim carried out effective steps, checks and / or due diligence in respect of its trade and of its trading partners. The checks carried out by Aim were found by HMRC to be very basic and of little value in confirming the integrity of the supply chains that Aim was participating in. • HMRC issued 8 UK tax loss letters to Aim covering the VAT periods from 11/15 to its final period, and disallowed input tax totalling £11,428,199 in those periods. • In 246 deals over 8 consecutive VAT periods Aim purchased goods from either defaulting or missing traders. Of the deals undertaken in those 8 VAT periods, HMRC has traced the vast majority back to fraud. • Aim has failed to provide records of the onward supply of the goods purchased. • In view of the evident MTIC hallmarks and failure to take adequate steps to reduce risks of involvement with MTIC trading, Aim was not then entitled to offset and reclaim VAT and consequently the reclaim of £11,428,199 that Aim submitted in respect of VAT periods11/15 to its final period was wrongful. 2. Between at least 28 September 2015 and 25 July 2017, Mr Richardson caused or allowed Aim to wrongfully claim at least £11,428,199 from HM Revenue and Customs (“HMRC”). HMRC has claimed £12,350,878 in Aim’s liquidation.