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Tax fraud

The tax lost in the UK due to non-payment or frauds has increased in the year 2019-2020 by £2bn. The total loss to scams (as per HMRC figures) was at least £15.2bn. Such fraud is committed by people who deliberately avoid their liability or fail to declare their income or falsify expenses. 

As a result, some do not pay the excise or customs duty or VAT, and some indulge in tax theft. Most evasions are handled by the HMRC that can file a criminal case against those who deliberately evade the dues.

How Does It Happen?

Misrepresentation is when one makes genuine mistakes while filling the forms, resulting in underpayment. The authorities may impose a penalty for an underpaid amount.

Failure to fill in the form related to the returns is often considered an offence and can result in a penalty of 30 per cent of the total owed. 

Deliberately overstating or understating income can lead to severe penalties. Also, there are fines for misleading the authorities and non-declaration of income where one indulges in destroying the documents related to a money transaction or moves the funds offshore. 

Furthermore, if an employee commits any such crime, the company they work for can be held liable for their actions.  

How To Protect Yourself?

Try to understand the process, the methods and carefully fill in the form. Or take help from authorised agencies or experts to get proper guidance.

Date Published: Jan 24, 2022

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.
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