fraud Archives - WRLO Accountants

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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May 2023

WRLO Accountants — Tue, 09 May 2023 11:30:57 +0000

In this month’s Enews we look at the closure of the VAT filing portal and the latest rate of UK inflation. We also update you on the impact of frozen tax thresholds and pandemic support scheme fraud. With guidance for employers and warnings on scams, there is a lot to update you on. Online VAT filing portal to close in May UK inflation falls to 10.1% in March Tax threshold freeze trebles to £25 billion PAC criticises government for billions lost to error and fraud No sign of hiring difficulties easing, says BCC £177.6 million lost to impersonation scams in 2022 Workers must be protected from decisions made by AI, TUC says Latest guidance for employers Online VAT filing portal to close in May HMRC has reminded businesses that file VAT returns annually that the online VAT filing portal will close from 15 May 2023. The VAT portal closed to standard quarterly filers on 7 November 2022, but was kept open for a longer period for those who file annual returns. In emails to businesses and tax agents, HMRC urged all VAT registered businesses to use Making Tax Digital for VAT (MTD for VAT) compatible software to keep VAT records digitally and file […]

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November 2019 news

WRLO Accountants — Mon, 04 Nov 2019 14:27:29 +0000

In this month’s Enews we report on an IR35 appeal, HMRC’s clampdown on enablers of tax avoidance schemes and an update on probate fees. With a Charity Commission report on fraud protection, the latest guidance for employers and a reminder to complete your self assessment tax return there is a lot to consider. Budget will not now take place on 6 November Christa Ackroyd loses IR35 appeal Clamp down on enablers of tax avoidance schemes Increase in probate fees abandoned Charities fraud protection failures Guidance for employers HMRC countdown: file your tax return Genuine HMRC contact and recognising phishing emails and texts Budget will not now take place on 6 November On 25 October 2019 the Chancellor of the Exchequer Sajid Javid wrote to the Treasury Select Committee to confirm that the Budget will not now take place on 6 November 2019 as originally planned. You can read that letter here. We will keep you informed of developments. Internet link: GOV.UK Budget Christa Ackroyd loses IR35 appeal Former BBC presenter Christa Ackroyd has lost her appeal against a ruling that she was an employee, not a freelance contractor, when she worked for the BBC via a personal service company. The […]

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