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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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HMRC has not fined a single enabler of offshore tax evasion

WRLO Accountants — Fri, 05 Jul 2024 16:31:56 +0000

HMRC has not fined a single enabler of offshore tax evasion in five years, data released in response to a Freedom of Information (FOI) request has revealed. This is despite HMRC having landmark powers, which were introduced in 2017, to impose hefty fines. The data, which was released to the Bureau of Investigative Journalism (TBIJ), suggests that HMRC is failing to target the creators of offshore tax evasion schemes and instead pursues clients of such schemes. According to the FOI request, HMRC has not fined a single partnership or company for enabling tax evasion since the change in the law in 2017. Michelle Sloane, a tax disputes partner at law firm RPC, said: ‘Enablers were and still are a big focus for HMRC. But these figures show their rhetoric on tackling enablers … is clearly not being followed through with action.’ A spokesperson for HMRC said: ‘We have a strong track record in tackling offshore non-compliance. Since the launch of our No Safe Havens strategy in 2019, we have secured almost £700 million from offshore initiatives.’ Internet link: TBIJ website

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Government borrowing falls as Chancellor hints at tax cuts in Spring Budget

WRLO Accountants — Fri, 02 Feb 2024 09:10:37 +0000

Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget. The Office for National Statistics (ONS) data revealed that government borrowing for last December was around half of that borrowed in December 2022. It also showed that interest payable on government debt fell to £4 billion in December 2023, down by £14.1 billion when compared to December 2022. During the World Economic Forum’s annual meeting in Davos, Switzerland, Mr Hunt hinted that he wants to cut taxes The Chancellor said: ‘In terms of the direction of travel we look around the world and we note that the economies growing faster than us in North America and Asia tend to have lower taxes, and I believe fundamentally that low-tax economies are more dynamic, more competitive and generate more money for public services like the NHS. ‘That’s the direction of travel we would like to go in but it is too early to say what we are going to do.’ The Chancellor will present the Spring Budget on Wednesday 6 March 2024. Internet link: ONS website GOV.UK

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