The firm’s fraud barometer found that a total of 174 fraud cases came to court in 2004, and stated that over the last five years there has been a threefold increase in cases being tried. The value of the cases being tried, however, saw a drop of 12% to £330m.
A third of all cases were brought against management and employees, who had defrauded their companies of around £106m. Last year, UK business paid millions of pounds to phantom workers and nearly £70m in bogus invoices.
‘The rise in the number of cases overall is bad news for UK businesses,’ said David Alexander, fraud investigation partner at KPMG. ‘While the number of ‘super-size’ cases has fallen, more companies than ever are falling victim to fraud. Our survey covers fraud cases over £100,000, but we often find that losing even what may be relatively small amounts of money can disrupt cashflow and bring quite large businesses to their knees.’
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year