14 Oct HMRC Crackdown on VAT Cheats
HM Revenue & Customs (HMRC) staff believe they can recoup up to £3 million after revealing that some businesses are being set up solely to make false VAT repayment claims.
The Northern Ireland team – one of more than 50 that have been established throughout the UK since 2011 – will carry out examinations of company records as part of their investigations into tax evasion and fraud.
An estimated £90 million has been recovered in the last two years and the amount is expected to be doubled over the next three years.
VAT cheats will face heavy fines, or even jail, according to Jennie Granger, director general of enforcement and compliance.
Source: The Telegraph website, accessed 14/10/2013.