The Institute of Chartered Accountants in England and Wales (ICAEW) have reported that HM Revenue and Customs (HMRC) are contacting taxpayers they believe may have overclaimed Business Asset Disposal Relief.
Rian O’Keeffe is the latest fraudster brought to justice as part of the ongoing investigations into abuse of the Bounce Back Loan scheme. O’Keeffe applied for and received a £50,000 Bounce Back Loan in July 2020 based on a claim that it would be used within his business called Trainersource. He claimed that his business had been trading since March 2020 and had a turnover of £312,000.
HM Revenue and Customs (HMRC) are running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company.
In a stern move against loan fraud, Ilhan Kekec, the owner of a Turkish restaurant, was sentenced to two-and-a-half years in prison. Mr Kekec, who unlawfully applied for a £30,000 Covid Bounce Back Loan and subsequently attempted to dissolve his company without notifying creditors, was sentenced at Isleworth Crown Court on Monday 18 March.
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