A director of an East 
Midlands electrical contracting company has been jailed for 21 months after faking invoices in order to steal more than £147,000,
The director of Qube Specialist Maintenance Solutions Ltd, inflated the value of his purchases and drew up false invoices for equipment he had never bought. An HMRC investigation found he had made up figures on his VAT returns between April 2012 and March 2014 to keep hold of the tax that should have been paid to HMRC.
It’s vital that businesses keep accurate records of their expenditure and income to ensure that they pay the correct amount of tax to HMRC. UK VAT legislation can be particularly complicated and few businesses have in-house VAT specialists. As a result it’s no surprise that HMRC are raising an increasing number of VAT assessments and penalties every year. Some reveal coordinated fraudulent activity as in the case, others negligence and errors which can still result in a fine.
If you’d like to know more take a look at our VAT pages on this website. Alternatively get in touch today to find out how our experts can help you navigate the complexities of the UK tax legislation.
If you’d like to read more of our blogs on the subject of VAT take a look here.
