if the directors of a private limited company declare a turnover of £5000 in annual returns when the true turnover is over £60,000 what offence are they committing and what are the likely penalties
2006-09-13 23:09:37 · 9 answers · asked by Anonymous in Business & Finance ➔ Small Business
Fraud... The VAT man will get them...Prison is the final destination.
2006-09-13 23:12:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Tax evasion and you will go to jail. The government are really cracking down on this. If you where to commit a criminal offence you are liking to get a warning or a small sentence. Lie on a form involving money and you will go to jail and is likely it will be for a long time.
2006-09-17 06:46:02 · answer #2 · answered by Heather 5 · 0⤊ 0⤋
A company with a £60,000 turnover should be paying VAT, therefore they may have cheated on this
2006-09-14 08:12:57 · answer #3 · answered by Dr kramer 2 · 0⤊ 0⤋
The Directors will be defrauding the government out of Tax and VAT, I imagine they are also falsifying their salaries which means they are stealing from the Inland Revenue as well, they won't get away with it.
2006-09-14 06:14:08 · answer #4 · answered by RRM 4 · 0⤊ 0⤋
fraud, because by not declaring it you are avoiding paying the taxes. the results would be the tax man will take it back, and the company will go under!
2006-09-14 06:12:34 · answer #5 · answered by xhoneybeex 3 · 0⤊ 0⤋
Fraud and mis-accounting. As they are de-frauding the crown (taxes) they will face jail. They would be better off being burglars, better money and no jail.
2006-09-14 06:12:11 · answer #6 · answered by slug dance 2 · 0⤊ 0⤋
inland revenue will take them to the cleaners.
2006-09-14 06:11:36 · answer #7 · answered by Anonymous · 1⤊ 0⤋
ooooooh tax fraud.....bye bye company....shop the bastards
2006-09-14 06:11:35 · answer #8 · answered by Nottingham man 3 · 1⤊ 0⤋
Naughty naughty..........is it u by any chance? :-)
2006-09-14 06:15:12 · answer #9 · answered by dancing darlings 3 · 0⤊ 0⤋