Businessman stole more than £67,000 through tax frauds

This post first appeared on Derby Telegraph. Read the original article.

A businessman stole more than £67,000 through a number of tax frauds in which he lied about his income and pocketed VAT he had charged his clients.

William Overton, 45, charged VAT on invoices – even though his firm was not VAT registered.

His firm, UK Beams, dealt in heating systems and held the intellectual property for his designs.

Overton, of Mercia Marina, deliberately hid the 25% cent commission he was receiving on sales of a radium panel designed by him and sold by another company.

He should have paid £40,142 in income tax and national insurance on the extra income.

The former Repton resident also pocketed £27,115 VAT that he charged his customers. He issued invoices on behalf of UK Beams using an old VAT number from his previous company, UK Beams Ltd. He submitted more than 75 false claims to his clients.

HM Revenue and Customs (HMRC) uncovered the frauds after reviewing records and discovering he had been charging VAT on invoices, even though his firm was not VAT registered.

Richard Young, assistant director from the fraud investigation service at HMRC, said: “Overton was stealing from the public purse. This was a deliberate attempt to steal money to line his own pockets.

“HMRC will pursue people like Overton who attempt to defraud the system and take money away from our vital public services.

“Anyone with information about people who may be involved in tax fraud can contact our Fraud Hotline on 0800 788 887.”

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Overton said he did not know he was still charging VAT, despite him having updated his invoices to reflect his new address and bank details.

Overton was sentenced to a two-year prison sentence, suspended for two years, and 100 hours’ unpaid work, when he stood trial at Stafford Crown Court yesterday.

He was charged with one count of being knowingly concerned in the fraudulent evasion of income tax and national insurance contributions, and one count of intent to make a gain for himself or another, or with intent to cause loss to another.

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