VAT taskforces Scotland and Northern Ireland targeted
VAT – Taskforces – Scotland and Northern Ireland Targeted
HM Revenue & Customs (HMRC) latest taskforce is targeting those it believes to be making fraudulent VAT claims. Based on evidence it has seen, HMRC perceives ‘an increased risk of fraudulent VAT repayment claims in Scotland and Northern Ireland’, and in particular there are thought to be more business set up with the sole intention of illegally reclaiming VAT.
HMRC’s message in this instance is particularly stark and this is no surprise as historically VAT has been more susceptible to fraud. Consequently the authorities’ response to any indication of VAT fraud has tended to be robust and quick.
Jennie Granger, an HMRC spokesperson said “It is really important that we level the playing field by stopping tax cheats. Deliberately falsifying VAT records can lead to imprisonment. Our message is – do the right thing. If you haven’t already, come clean now. If you don’t, we will find you, investigate you and, not only could you face a heavy fine, but you may face a criminal prosecution as well.”
Opportunities still exist to put matters right, to minimise liabilities and avoid prosecution. Specialist advice should be sought to ensure the best result. Call inTAX now for a free consultation.