Businesses have, for a while now, been able to update their VAT details online, including contact information and bank details.  However, the paper form VAT 484 remains in place for those who can’t, or don’t want to update online.  Whilst we generally think of financial scams taking place online, HMRC are reporting that it is in fact the paper form being used in fraudulent attempts to access VAT repayments.

In what must be the simplest VAT fraud out there, the fraudsters are submitting form VAT 484 and changing the legitimate bank details to their own account details, meaning any subsequent VAT repayments are sent to the dodgy account!

HMRC said in a statement: “We are taking action on the small number of cases where paper bank variation forms have been fraudulently used in an attempt to gain access to VAT repayments”

Part of this action means you may receive a letter from HMRC asking you to confirm any changes made to your details since January 2024.  Rather than waiting for this, it would be advisable to take your own action now – log on and check your Business Tax Account, ensure your bank details are correct and that any expected repayments have been received.

In an increasing digital world, it seems almost quaint to come across a paper based scam – but at least we can use the digital tools available to us to help stop the fraudsters, hopefully before they profit from their crimes. Stay vigilant!