Invoice fraud cost UK firms £93 million last year
A recent survey conducted by UK Finance revealed that more than four in 10 UK businesses are unaware of the potential risks associated with invoice fraud.
Last year these scams cost UK firms almost £93 million, with 3,280 invoice and bank scam cases reported – costing on average £28,000 per case.
Fortunately, in 2018, £29.6 million of the money lost to this type of fraud was returned to business customers.
UK Finance’s survey indicated that 84 per cent of large businesses were aware of the threat of invoice fraud, compared with 68 per cent of small businesses and just 55 per cent of sole traders.
Even though large firms were more likely to have taken the necessary precautions to protect themselves against these scams, they were also more likely to be the target of invoice fraud.
Managing Director of Economic Crime at UK Finance, Katy Worobec, said: “Invoice fraud could happen to businesses of all sizes. The gangs behind this type of fraud are increasingly sophisticated and will often get hold of details that allow them to pose convincingly as regular suppliers.”
If you feel like you have been a part of an invoice or mandate scam, it is important that you contact your bank straight away.
- Are you registered for Making Tax Digital yet?
- ITV presenter Lorraine Kelly wins important IR35 appeal
- UK SMEs hit by £17.4 billion cybercrime bill in 2018
- Tax-free HMRC scheme assists families with childcare costs
- Invoice fraud cost UK firms £93 million last year
- Businesses get to grips with new employment costs
- Spring Statement 2019
- National Living Wage to rise next month
- Are you making full use of the generous R&D relief scheme?
- Tribunal finds in favour of Middlesbrough FC in low pay claim
- Make the grandest romantic gesture and reduce your tax bill
- New advisory fuel rates for company car users
- Delay in issuing Self-Assessment penalty notifications
- Making Tax Digital productivity boost expected to be worth billions to UK SMEs
- Automatic Enrolment contributions to increase
- HM Revenue & Customs drops insistence that all company directors must submit tax returns
- Late payers to be flagged up to businesses under new proposals
- Just over half of businesses are prepared for Making Tax Digital
- Entrepreneurs’ Relief changes fail to meet up to the test
- Payroll sector prepares for key changes in 2019/20
- Taxpayers treated unfairly by HMRC, says House of Lords report
- Taxpayers offered online tool to assess their self-assessment requirement
- Tax rates rise twice as fast in the UK than the international average
- An end to the Entrepreneurs’ Relief ‘dilutions dilemma’?
- Brexit uncertainty sends small business confidence to a seven-year low
- Debt recovery costs small businesses an average of £9,000
- Smaller estates should not have to file IHT paperwork, says Office for Tax Simplification
- Big increase in P2P lending
- 180,500 first-time buyers benefit from relief on Stamp Duty Land Tax (SDLT)
- Italian e-invoicing requirements make Making Tax Digital look like a walk in the park
- House of Lords calls for a delay to Making Tax Digital
- UK takes second spot for tax compliance in G20
- Unwrapping Christmas tax gifts
- National Living Wage to rise in April 2019
- Entrepreneurs’ Relief rules to be tightened
- Research reveals Inheritance Tax hotspots across the UK
- R&D Tax Credit system to be reviewed in light of fraudulent claims
- HM Revenue & Customs to review and rework some 2016-17 self-assessment tax returns following error
- Payee names to be required for bank transfers in effort to combat fraud and errors
- Public pilot of Making Tax Digital for VAT opens
- Autumn Budget 2018
- Budget date 2018 announced, with half the usual notice
- Employment claims from contractors brought within IR35 expected after HMRC settlement
- Just eight per cent of business loan applications successful with one high street bank
- Government backed tax-free savings plan to help savers earn 50p on every £1
- HMRC investigates estate valuations as part of IHT campaign
- Micro businesses bear the brunt of late payments
- HMRC finally launches MTD communications plan and simplified guidance
- Workers miss out on £15.6 million in pay through minimum wage breaches
- CIOT reports increase in R40 refund errors
- Property investments once again hit by new tax rules
- HMRC releases new advisory fuel rates for company car users
- One in ten small businesses are concerned about business failure
- A quick guide to the new penalties for late MTD filing and payments
- Regulator tells banks to stop victim-blaming
- Working 9 to 5? It’s an unusual way to make a living
- Finance Bill shrinks in the parliamentary wash-up as PM announces snap election
- New civil penalty notices are now in effect for residential landlords
- A furnished holiday letting won’t just give your customers much needed relief
- P11D dispensations have been dispensed with
- Online VAT fraud and error costing UK dear
- HMRC issuing hefty fines to eBay and Amazon traders who fail to pay tax
- HMRC goes “nuclear” in pursuit of unpaid taxes
- Could you benefit from Tax-Free Childcare?
- Give your business’ finances a spring clean
- Does Annual Tax on Enveloped Dwellings (ATED) apply to you?
- Businesses are more buoyant, says the Bank of England
- Record number of employers underpaying workers
- Cash basis accounting for landlords
- Trivial in name only – do you know the rules on trivial benefits in kind?
- Warning over unexpected late payment notices in relation to now-liquidated companies
- Small businesses see changes to the VAT Flat Rate Scheme
- Spring Budget 2017
- The Restaurant Show: Preview
- Pub 16
- HMRC enquiries
- The Restaurant Show: What does it have to do with pubs?
- Private investment in pubs
- Summer Budget Statement 2015
- Miller Magic!
- Retail Rate relief scheme
- If you’re an employer, you should read this
- Pensions Auto Enrolment: All employers must read this…