Sky
New Forest

17/06/2024

Important Alert - Watch out for Unauthorised Changes of VAT records

A recent wave of incidents involving unauthorised changes to the bank account details held by HMRC's VAT system raised serious concerns.

The alterations, made without the knowledge of the taxpayers, have resulted in VAT repayments being diverted to third parties.

HMRC appears to have agreed to change bank account details on the basis of either a letter or a form VAT484, seemingly from the taxpayer.

While HMRC has followed up these changes by sending a letter to the taxpayer, stating that their details have been updated, the specific changes are not mentioned, making it hard to spot that the bank account details for repayments have been changed.

Despite being alerted to the problem HMRC has yet to fully react to the problem and so for the time being it is recommended to regularly check that bank details on the HMRC portal have not been altered, especially shortly before a repayment becomes due.

By remaining vigilant future VAT repayments can be protected until HMRC take further action to prevent this comparatively unsophisticated fraud.

Should you have any questions concerning the above, please call 023 8046 1235 or email Alan Rolfe.

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