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Friday
Oct292010

VAT Fraudster Lands Another Ten Years in Prison

Working out how much VAT you are due to pay to HMRC is an important job that all VAT registered businesses have to do every three months. But every now and then I read about someone who has deliberately tried to defraud HMRC for various amounts of money.

The recent occurrence has been the largest I have ever found out about though. Syed Ahmed was part of a gang of criminals who defrauded HMRC to the tune of more than £37 million. He is already in jail, having received a seven year sentence three years ago for the crime.

However recent news headlines revealed that he has (perhaps unsurprisingly) failed to pay back more than £92 million in the profits they made. This failure to pay has led to an additional ten years being added onto his time in prison.

I fully agree with the statement made by the Assistant Director of Criminal Investigations at HMRC. Richard Meadows stated they ‘cannot hide’ and will ‘still have to pay the outstanding confiscation order’, even though they are still in prison.

This is indeed a very strong order and although the amounts are unusually large, it will hopefully make other criminals think twice before trying to work the same fraud. HMRC is looking to recoup the money it is owed by selling off assets owned by Ahmed and one of his associates.

Most people are completely honest when it comes to paying the right amount of VAT due to HMRC. But if you should have any questions, queries or concerns, we can help. Simply contact us at St Matthew to find out how we can assist you.

 

 

 

 



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