Combatting VAT Refund Fraud: Protecting Businesses from Exploitation by Fraudsters

• VAT refund fraud targets businesses
• Fraudsters submit form VAT484 with changed bank details
• HMRC issues refund to fraudulent bank account
• Already affected FTSE 100 companies and smaller businesses
• Businesses making VAT refund claims urged to check bank details
• Larger businesses can ask HMRC to reject paper tax forms
• Suggestions for HMRC to protect against the scheme

Source: taxjournal.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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