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Want to keep your company safe from internal fraud? 4 indicators to look for by ABV Solicitors
20 Jul 2020

When you run your own business, you want to ensure that the entire enterprise runs smoothly and the best way to do that is to employ the best team, or staff, that money can buy.

However, while many new business people feel they could trust their employees to be honest 100% of the time, more seasoned CEOs and business owners are a bit warier of such things. While it may feel awful to assume that your staff would ever break the law, it can and does happen, especially in relation to tax returns in the UK. And, if and when such events do occur, the head of the company is the one to take the fall. Yikes!

Before you decide to equip all of your staff with a built-in lie-detector system, there is a simpler way to protect both yourself and your company from incidents of tax evasion.

Whether you are new to the world of business or run a successful string of organisations, hiring a fraud solicitor to defend your company is the best way to keep business fraud at bay. Even if you have a multi-faceted company, our team at ABV Solicitors will dedicate time and energy into ensuring that no leaf is left unturned during your business tax returns, and will help you to

identify any issues that may be arising out of your accounts.

But how can you identify business fraud accurately? a fraud solicitor at ABV Solicitors can provide a few basic tips on what to look for.

Unusual transactions

OK, so when you run a company that is worth multiple millions, it is unlikely that you will have the time, or indeed the energy to go over every single transaction that occurs.

But, to avoid fraud occurring, ensure that at least 2 appropriately trained members of staff assess all transactions, keeping an eye out for any that you did not authorise, or any that are unusual.

Complex staff structures

A fraud solicitor at is aware that ABV Solicitors larger companies can have complicated staff structures, which the head may not be aware of due to pay grade. However, if you notice a complex staff structure surrounding your company’s outgoings, it may be time to investigate further; such set-ups are often used to cover up money illegally leaving the company.

Incomplete accounts

It is the oldest trick in the book (so to speak); don’t write it down and the boss is none the wiser.

However, while it may seem innocent, incomplete accounts are a red flag. If there are spaces in your bookkeeping system, contact both our team at ABV Solicitors and HMRC immediately to inform them of potential fraud.

Low gross income

Is your company’s income shrinking without justifiable cause?

If you have any concerns about your company’s income as it appears on paper, take a look at our website to seek advice about how our team conducts an independent investigation; we will aim to look for inconsistencies in income and will help you to determine who is responsible for the concealment of assets.

Are you self-employed and puzzled about tax evasion? 4 things to avoid when filing tax returns

Fraud and Finding a Fraud Solicitor