Financial Fraud
Fraud occurs on many different levels and is often highly complex by nature, as are the criminal investigations into alleged fraud offences.
Our team of forensic accountants are called upon by solicitors, barristers and individuals to assist in conspiracy to defraud cases and fraud investigations to analyse and prepare financial evidence in support of the defence case.
Our expertise in fraud covers cases ranging from thousands to multi million pound complex, systematic and multi jurisdiction fraud.
Financial Fraud Investigations
In cases involving fraud offences our criminal defence forensic accountants can assist by:
- Considering the financial evidence presented by the prosecution.
- Providing expert testimony to highlight areas of agreement / disagreement (to include Expert Reports, Conferences with Counsel, preparing Joint Statements, attending Court.
- Assist with S16 Statements and S17 Responses.
- Present alternative calculations regarding alleged value of fraud.
We have considerable experience in a wide range of cases involving fraud investigations. We support criminal solicitors and barristers across the UK in cases relating to:
VAT Fraud
VAT Fraud typically occurs when invoices are falsified. For example, when VAT is levelled and received as a payment following the raising of an invoice, and the VAT amount is not paid to HMRC. It is an offence of tax evasion and is usually channelled through the supply of goods and services. Large cases of this type of fraud will often carry lengthy custodial sentences.
Benefit Fraud
Benefit Fraud occurs when an individual deliberately fails to report a change in their circumstances when in receipt of benefits, or when an individual is dishonest in order to receive benefits. In some cases benefits are stopped whilst the allegation is being investigated. The Government has clamped down hard on benefit fraud in recent years, with the offence carrying a custodial sentence in extreme cases, and often a requirement to repay the fraudulently claimed benefits to the DWP or HMRC.
White Collar Fraud
White Collar Fraud can cover a wide range of offences. Typically this can include bribery and corruption, money laundering, financial fraud (such as insider trading, boiler room fraud, credit card fraud, bank fraud), counterfeiting of goods, mobile phone fraud and environmental fraud.
Mortgage Fraud occurs when false information is provided on applications to fraudulently obtain a mortgage on or against a property or a number of properties. It can occur by taking out mortgages on unsuspecting individuals, taking out multiple mortgages or changing the deeds on a property without the owner’s knowledge. Large scale mortgage fraud can run into multi million pounds in value and will most likely carry a custodial sentence.
MTIC Fraud (Missing Trader Intra-Community Fraud)
MTIC Fraud is a type of VAT Fraud which takes place in cross-border transactions. It occurs when a non VAT registered business charges VAT for the sale of goods or services, but the VAT is not paid to HMRC. Types of MTIC Fraud include Carousel Fraud, Acquisition Fraud and Contra Trading. MTIC is often highly complex, with networks covering different jurisdictions.
We are happy to undertake work in this area at Legal Aid rates and are happy to discuss quotes
For information and advice about how Forths Forensic Accountants can assist you in Conspiracy to Defraud cases and Criminal Fraud Investigations contact a member of the team on 0113 387 5670.
Alternatively you can send an email to enquiries@forthsonline.co.uk or fill out an Enquiry Form and a member of our team will contact you at the earliest possible convenience.
Recent tax changes announced by Chancellor Jeremy Hunt may mean that any future loss calculations may require review. If you have an ongoing case that we have assisted with, we would be happy to discuss this with you. Likewise, for any potential new instructions we are always happy to have an initial chat. National Insurance Cuts On 6th January 2024 cuts to National Insurance rates will come into effect for employed Claimants: The main NI rate is being cut from 12% to 10%. From April 2024 for self employed Claimants: Class 4 NI rate will reduce from 9% to 8%, and; Class 2 NI contributions will be scrapped. The changes will affect future Loss of Earnings calculations. State Pension Changes There will also be a rise in State Pension of 8.5% from April 2024. Losses to State Pension are considered on a case by case basis. How We Can Assist Our experienced team assist with Loss of Earnings, Pension Loss and Loss of Dependency elements in all types of PI, Clinical Negligence and Fatal cases. Our approach is to ensure that your client’s Special Damages are optimised. We offer flexible solutions and reporting styles depending on the case requirements, and can assist you in the information discovery process. We are also happy to liaise directly with clients to assist in the progress of the case. For more information about our hourly rates for Expert CPR or White Label / Agency Services, and deferred payment terms, talk to our team. Contact us here Call us on 0113 387 5670 Email - enquiries@forthsonline.co.uk
In the 2023 budget, Chancellor Jeremy Hunt announced fundamental changes to the Annual Allowance and Life Time Allowance charges for pensions savers. What are The Allowances? The Annual Allowance is the amount that an individual can pay into their pension scheme (both their own and their employer contributions) each year before paying Tax on the contributions made. The Life Time Allowance is the total amount an individual’s pension fund can be before they pay additional Taxes on their pension benefits. What Has Changed? The Annual Allowance has increased from £40,000 per annum to £60,000 per annum. The Lifetime Allowance, which was £1,073,100, has been abolished. What Does This Mean for Your Client? If you have a high earning client (often in the public sector where employer contributions are more generous), then your current calculation of lost pension benefits may include deductions for tax under both the Annual and Lifetime Allowance schemes and so may now be materially understated. How Can We Help? Our team have vast experience in assessing pension loss claims for all types of occupations and are fully au fait with the changes to the Tax rules from April. We would be happy to carry out a review of your pension loss calculations either on a stand alone basis or in conjunction with other relevant heads of claim.
Contact us today to find out how we can assist you...
To hear more about our Forensic Accounting Services or to discuss a potential case with a member of our team, call us on 0113 387 5670.
Alternatively, you can email us at enquiries@forthsonline.co.uk or fill out an Enquiry Form and we will contact you directly.