Fraud Archives - WRLO Accountants

Companies House begins to verify identities

WRLO Accountants — Sat, 19 Apr 2025 12:11:10 +0000

A new service has been launched that allows individuals to verify their identity directly with Companies House through GOV.UK. The introduction of identity verification is one of the key changes to company law as part of the Economic Crime and Corporate Transparency Act 2023. Companies House has landmark new and enhanced powers to combat economic crime and boost economic growth. More than six million people will be required to comply in the 12 months after identity verification becomes a legal requirement later this year. According to Companies House, identity verification will provide more assurance about who is setting up, running, owning and controlling companies in the UK. Louise Smyth, CEO of Companies House, said: ‘Identity verification will play a key role in improving the quality and reliability of our data and tackling misuse of the companies register. ‘To save time later, we encourage directors, people with significant control of companies (PSCs) and those filing information with Companies House to verify their identity during the voluntary window. ‘We expect identity verification to become mandatory from Autumn 2025.’ Internet link: GOV.UK

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Over £570 million stolen by fraudsters in first half of 2024

WRLO Accountants — Fri, 08 Nov 2024 19:12:25 +0000

Criminals stole more than £570 million through authorised and unauthorised fraud in the first half of this year, according to data published by UK Finance. 72% of authorised push payment fraud began online and 16% started via telecommunications. Losses due to unauthorised transactions across payment cards, remote banking and cheques were £358 million in the first half of this year, an increase of 5%. The data also showed that banks prevented £710.9 million of unauthorised fraud using advanced security systems. Ben Donaldson, Managing Director of Economic Crime at UK Finance, said: ‘Fraud continues to pose a major threat in this country with over £570 million stolen through payment fraud in the first half of the year. In addition to the financial impact, this crime can cause severe psychological harm to victims. ‘This isn’t a fight we will win alone as our data again shows that most fraud originates online and via telecommunications networks. There have been some improvements made by other sectors, but their actions don’t yet fully match the scale of the problem – more needs to be done to prevent fraudsters exploiting these platforms and networks.’ Internet link: UK Finance website

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Government urged to implement reforms to R&D tax system

WRLO Accountants — Fri, 03 May 2024 08:52:39 +0000

The government is being urged to implement reforms to the Research and Development (R&D) tax relief system in order to avoid hurting small companies by the Suffolk Chamber of Commerce. A report released by the Chamber found that recent changes by HMRC and a ‘wild west’ regulatory system in regard to who can act as R&D tax advisers are ‘undermining confidence and take-up‘. The Chamber collected a number of case studies and original survey research, which showed that 46% of small companies are deterred from making future claims based on their latest experience. Chair of the Chamber’s R&D Tax Reliefs Task and Finish Group, Steve Elsom, said: ‘Our original research into local businesses’ experiences shows that the lack of knowledgeable experts at the HMRC, plus the imposition of an overly strict compliance regime is causing many legitimate companies’ most recent claims to be delayed and/or refused, with others fearful that previously successful claims from previous years might now be challenged. ‘Every right-thinking person applauds the crackdown in fraudulent claims, but HMRC appears to be going to extremes in its definition of the term. Our research showed that companies which might have made a very minor administrative error in their application […]

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