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Tax Tip

Largest Ever VAT Fraud. 22/11/11

A former policeman from South Yorkshire has been jailed for 10 years and three months on Friday for his part in an attempted £330 million VAT fraud - the largest of its kind in the UK.

He and five others were caught by investigators from HM Revenue & Customs (HMRC) after they claimed their new business, Ideas 2 Go Ltd, had sold more than six million mobile phones and had a turnover of more than £2.4 billion in just eight months.

Using details from hijacked or fictitious companies the gang produced thousands of invoices for sales of mobile phones and computer software, producing billions of pounds in fabricated turnover, which generated around £330 million in fraudulent VAT repayments. The gang invented over 6,000 fake business transactions in an attempt to make the repayments appear legitimate.

Exchequer Secretary, David Gauke said:
“This Government will not tolerate dishonest people stealing public money. This sentence shows that those who try to commit fraud need to think again – HMRC will find you and the courts will punish you.

If you need any help and advice with VAT or other tax matters, contact Lavinia Newman Stuart Coleman or Tonmoy Kumar now to discuss how ABDS can help bring their experience to these matters.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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