HM Revenue & Customs (HMRC) has issued a warning to businesses over fraudulent attempts to access VAT repayments via postal form VAT484.

What’s happening?

The form, used by business owners to change VAT registration details with HMRC if unable to do so online, has been targeted by fraudsters looking to access sensitive information, including contact information and bank details.

In particular, HMRC has been working to resolve an issue allowing VAT484 forms to be submitted with fraudulent bank details in place of legitimate ones.

This releases VAT repayments into the new account, meaning businesses miss out on vital funds.

HMRC has confirmed it is working to resolve the issue with VAT484, while issuing letters to businesses to confirm that details have been updated and providing the opportunity to review any new information attached to your VAT account.

This should not affect compliance with Making Tax Digital (MTD) for VAT, although you should always ensure that HMRC hold the correct VAT details for you.

How can I protect my business?

You can update your VAT registration information via an online account if you have one.

If you don’t have one, you should consider setting one up – with support if necessary.

This is the most secure way of submitting new VAT registration details to HMRC.

You should also make sure to check any VAT repayments for discrepancies or missing funds and review any letters you receive from HMRC to ensure that they contain the correct details for your business.

Need additional support with VAT? Contact our team today to discuss your needs.

Posted in Blog, Blogs, Business, Business Advice, HMRC, SME, SMEs, SMEs / Business, VAT.