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9am Lowdown: Tax advisers arrested

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22nd Jul 2016
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Good morning and welcome to AccountingWEB’s 9am Lowdown, featuring updates on arrested tax advisers, expansion into the legal market and getting to grips with VAT.

Tax advisers arrested in £132m fraud

HMRC has arrested three tax advisers in a suspected £132m tax fraud investigation.

More than 30 HMRC officers searched four residential and one business address during morning raids in the North West and Midlands.

Computers, business and personal records were seized during the operation, according to an HMRC statement.

The arrests were made as a result of a HMRC investigation into a complex scheme involving offshore trusts used by professional financial advisers to facilitate UK individuals to avoid £132m in income tax.

HMRC’s Paul Maybury said: “These arrests show that we are determined to tackle not only those suspected of tax fraud, but also the professionals who we believe abuse their position of trust to help them do it.

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Accountants to further expand into legal market

The ICAEW has applied to become an approved regulator and licensing authority for five reserved legal activities.

According to The Law Society Gazette, the application restricts the organisation to taxation matters in conduct of litigation, rights of audience and reserved instrument activities.

If the Institute is successful in its application it could be authorising firms and licensing alternative business structures in these areas within a year.

Back in 2014 the regulator approved the ICAEW to regulate 225 providers of probate services

The latest application would give it significantly more investment in legal services regulation.

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Getting to grips with VAT

AccountingWEB business editor Tom Herbert was recently joined by Concur’s Matt Lewis and Joe Serrurier from Itelligence Business Solutions in a live VAT strategy webinar.

During the session the three examined a range of VAT issues affecting UK businesses.

Watch the video below:

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