When it comes to HMRC, VAT, expenses and accounting advice, one of the most helpful resources online is Accounting Web. Here’s some advice and general viewpoints regarding what is going on in the world of VAT, tax, fraud and HMRC, according to Accounting Web.
Focus on fraud
We know that our MPs have been bad when it comes to their expenses. Even five years later, individual MP's are still making the headlines. But the MPs expenses scandal was probably just the tip of a very well-hidden iceberg, as these examples show. It turns out that fraud happens across a variety of professions. And it’s carried out by people we trust – HMRC employees, well-known businessmen, accountants and solicitors.
However, the long arm of the law is catching up with them…
Here are a few examples of people who have been caught for fraud
- A businessman was ordered to repay £24 million for VAT fraud.
- An accountant had to give back £195,000 for tax fraud.
- An ex HMRC-employee was jailed for a year for personal tax credit fraud.
- A former solicitor pleaded guilty to seven counts for fraudulently reducing the amount of stamp duty land tax (SDLT) they owed to HMRC.
If you are concerned about the implications of fraud within your business you might want to Download this helpful e-book that demystifies expenses fraud.
What is HMRC up to?
Obviously HMRC is concerned about fraud. They’ve been doing a lot recently to find tax loopholes and close them. For example: the UK has signed a tax deal with Guernsey and Jersey to automatically share tax information as part of an effort to stop people hiding money offshore. But, while HMRC collected £475.6 billion in tax last year which is responsible for keeping our country running, people aren’t always happy with them. Complaints about HMRC went up by 107% since last year and 1,697 staff resigned from HMRC in 2012-3.
So what can you do to get more tax-savvy?
But, if you want a little bit of everything about expenses, VAT and HMRC compliance, download this e-book: Expenses, VAT and HMRC compliance in a nutshell. You’ll find real-world examples, independent research, as well as advice from VAT and compliance expert, Matt Lewis.