A recent report from BM Magazine has revealed to Turner Little that cyber-thieves have attempted to hack into HM Revenue and Customs’ (HMRC) website in order to steal £100 million from UK tax payers.
Hacking attempts
Under UK law, taxpayers were required to submit their latest annual tax returns to HMRC by 31st January 2016. Figures suggest that nine million tax payers filed their returns online ahead of this deadline. Online small business publication BM Magazine reports on evidence that suggests fraudsters are consistently trying to hack into the HMRC online tax return system.
The revenue department has admitted that in the last year alone, HMRC has had to put a stop to 17,000 attempts by hackers making fraudulent or incorrect tax claims, worth almost £100 million. Meanwhile according to the Sunday Times, a major accountancy firm has admitted that 12 of its clients have been targeted recently.
Personal experience
Jackie Annesley, the editor of the Sunday Times style section, saw her tax return hacked by cyber-thieves. Annesley explained that they used a false claim for a tax payment in her name to steal £1,800 from HMRC.
Annesley was only made aware of the fraudulent claim three days before Christmas, when HMRC sent her a letter saying “thank you for your recent claim to repayment. A bank transfer for £1,826 is being made to your account.” The revenue department then sent a subsequent letter a few days later, which explained: “We have identified unusual activity on your self-assessment account which we suspect to be fraudulent.”
Following the incident, Annesley said “if the taxman is being hacked I cannot trust any bank or financial service.”
Turner Little
When you run a business you need robust and secure financial infrastructure. It may be advisable to look at a variety of financial options including offshore banking in order to protect your funds from cyber-thieves. As banking services specialists, the Turner Little team can provide advice on financial infrastructure, to ensure your business’ cash flow is safeguarded from cyber-thieves. Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust providers.