HMRC

Two people have been arrested over a suspected £70,000 Coronavirus Job Retention Scheme fraud, HM Revenue and Customs (HMRC) has said.

The UK’s tax authority is looking into 27,000 potential cases of fraud relating to the government’s furlough scheme.

The fraud and error rate could reach between 5-10%, according to official estimates.

Increased pressure on HMRC to boost tax revenues due to the economic cost of COVID-19 may bring about a surge in charging decisions for failure to prevent the facilitation of tax evasion (Corporate Criminal Offences (CCO)).

HM Revenue & Customs (HMRC) has 10 live corporate criminal offence (CCO) investigations and a further 22 live opportunities are currently under review according to new statistics published this week.

A law practice says HM Revenue & Customs is launching a probe into companies that have allegedly abused the Coronavirus furlough scheme - and property firms are at the top of the list.

More than 3,000 companies are being investigated by HMRC for claiming too much under the job retention scheme, according to tax and advisory firm Blick Rothenberg.

HM Revenue and Customs (HMRC) is investigating 10,428 reports of phishing scams designed to exploit the coronavirus pandemic.

The latest on the Woodford saga, intergenerational wealth and furlough fraud - here's our weekly heads-up on the financial stories that may have caught your clients' attention over the weekend …

A commercial lawyer is warning that business owners run the risk of being prosecuted by HMRC and having to pay tax and penalties because of Furlough Fraud and Business Bounceback Loan Fraud and that the 4,500 reported cases to date are just the tip of the iceberg.

https://londonlovesbusiness.com/4500-furlough-fraud-claims-is-just-the-tip-of-the-iceberg/