Protect your business

Protect your business : VAT Bank Details Fraud

We are aware of a new form of VAT fraud. Here’s a summary of the situation and some recommended actions:

Background

Businesses can update their VAT contact information, VAT return dates and bank details with HMRC by either: 

1. Using a paper form 'Notifying us of changes to a VAT registered business'
   (known as Form VAT 484)

2. Online via their Business tax account

The Issue

HMRC has reported that form VAT 484 has been used fraudulently. 

The fraudulent activity primarily targets businesses eligible for VAT repayments. Fake VAT 484 forms have been submitted, altering the bank details to redirect VAT repayments to fraudsters own accounts. 

What is HMRC doing to address the issue?

HMRC have confirmed action is being taken to address this issue, including writing to businesses to confirm changes made to their details since January 2024. 

Recommended Action

1. Regularly review the bank details listed in your business’s tax account. 

2. If your business is eligible for VAT repayments, verify that you receive the expected amounts. 

3. Check any letters sent by HMRC contain the correct details. 

All VAT-registered businesses should remain vigilant. While repayment traders are the primary targets, businesses in payment positions have also been affected.

If you have any queries, or require the services of our VAT specialist please get in touch with your local Haines Watts office.