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Till fraud targeted by HMRC

In the Autumn Budget 2018, the government announced that they would launch a call for evidence to learn more about the nature and scale of till fraud. This specifically looked at businesses that deliberately undertake electronic sales suppression (ESS). ESS occurs when a business deliberately manipulates its electronic sales records in order to hide or reduce the value of individual transactions. 

This type of fraud is hard to spot as it aims to reduce the recorded turnover of the business and the corresponding tax liabilities, while providing what appears to be a credible and compliant audit trail.

At Spring Budget 2021, the government announced that new powers would be introduced to tackle ESS. These new powers were included in the Finance Act (2022) introduced in February this year.

HMRC officers have now started to target businesses across the country that are suspected of being involved in making, supplying or promoting ESS systems. These businesses now face fines of up to £50,000 and criminal investigations. HMRC is also actively targeting users of these systems who will also face having to pay back tax evaded, financial penalties and possible criminal convictions.

On 18 May 2022, 30 businesses were visited, including shops, takeaways and restaurants, across nine counties and two men and a woman were arrested in Nottinghamshire as part of a criminal investigation into the alleged supply of ESS software.

Source: HM Revenue & Customs Tue, 07 Jun 2022 00:00:00 +0100

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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC
FT
BBC
VEALE WASBROUGH VIZARDS
CESP
PRACTICE INDEX
SIMCOMM ACADEMY

More Local:
FOOTPLATE EXPERIENCE
ANGLEBURY PRESS
OFFCAMBER.CO.UK