[News] Bunglefool Sunak and the MASSIVE fraud?

LlcoolJ · Nov 27, 2020

So. I've banged on about loads of small businesses falling through the net of the 'great' furlough / self employed grant schemes. Millions of law abiding, tax paying people left with nothing.

Just been talking to a client who was able to claim a modest amount, based on his self employment income, as was correct.

However, he also set up a Ltd Co. last year (this is all 100% legit btw) and as he was on his arse, he applied for a bounce back loan. The company has submitted no accounts to either Companies House nor HMRC. It may as well not exist.

It costs less that £20 to set up a company.

He's been given £20,000. He didn't even ask for a figure, they just transferred him £20k.

Now, as I say, he's legit. He is running a small business and it's been destroyed by lockdown, so the loan is a good thing.

But if you think about it, all you needed to do was set up a few hundred companies using dodgy names and addresses (easy). Get a bank account for one of them (easy until very recently, I wonder why?). Take out a few million in BBLs and run away.

I guess we'll never know the extent of the fraud, but although the money is from the banks, it's underwritten by us. There appear to be no checks and balances on the wash of money being handed out. Some people being refused UC because they have equity in their house, others given tens of thousands when they don't even need it.

I'm seeing both sides every day and I can't believe what I'm seeing.

But immigrants and stuff...........

beorhthelm · Nov 27, 2020

theres been some stuff about fraud claims since they started. obvious solution is stop doing loans without formal checks, but recall there were complaints early on that banks being too strict. pretty sure company has to exist before March 2020 to apply.

LlcoolJ · Nov 27, 2020

beorhthelm said:
theres been some stuff about fraud claims since they started. obvious solution is stop doing loans without formal checks, but recall there were complaints early on that banks being too strict. pretty sure company has to exist before March 2020 to apply.

Had to exist. Didn't have to have submitted anything. So "existing" means nothing.

Beach Hut · Nov 27, 2020

The system was set up in around two weeks for loans, furlough etc so hardly road tested as such therefore several individuals / companies decided to take advantage but will hopefully get found out sooner rather than later.

Usual story, massive assistance offered however some deem it their divine right to take advantage of it.

I wonder why the OP points the finger just at immigrants ?

zefarelly · Nov 27, 2020

I have a Ltd COmpany and have been bombarded with all sorts of offers, most of them dodgy no doubt.

I have ignored every single one.

LlcoolJ · Nov 27, 2020

Beach Hut said:
The system was set up in around two weeks for loans, furlough etc so hardly road tested as such therefore several individuals / companies decided to take advantage but will hopefully get found out sooner rather than later.

Usual story, massive assistance offered however some deem it their divine right to take advantage of it.

Naturally the OP has another agenda as soon as immigrants are mentioned

?

Just pointing out a multi million pound fraud which the general "benefit scoungers / bloody immigrants" crew will have no idea about but which will be costing them (if they have a job) more money than the things they so often complain about.

This loan was given a couple of weeks ago by the way. So you're wrong.

LlcoolJ · Nov 27, 2020

zefarelly said:
I have a Ltd COmpany and have been bombarded with all sorts of offers, most of them dodgy no doubt.

I have ignored every single one.

Likewise.

LlcoolJ · Nov 27, 2020

Beach Hut said:
The system was set up in around two weeks for loans, furlough etc so hardly road tested as such therefore several individuals / companies decided to take advantage but will hopefully get found out sooner rather than later.

Usual story, massive assistance offered however some deem it their divine right to take advantage of it.

I wonder why the OP points the finger just at immigrants ?

I think your edit actually makes even less sense. :clap2:

Beach Hut · Nov 27, 2020

LlcoolJ said:
?

Just pointing out a multi million pound fraud which the general "benefit scoungers / bloody immigrants" crew will have no idea about but which will be costing them (if they have a job) more money than the things they so often complain about.

This loan was given a couple of weeks ago by the way. So you're wrong.

Not wrong the system for this was set up in about two weeks.

So now you are highlighting something you want certain people to make political gain from, or is there another agenda you have ?

LlcoolJ · Nov 27, 2020

Beach Hut said:
Not wrong the system for this was set up in about two weeks.

So now you are highlighting something you want certain people to make political gain from, or is there another agenda you have ?

Please reread the original post. You aren't making any sense.

Chicken Run · Nov 27, 2020

LlcoolJ said:
?

Just pointing out a multi million pound fraud which the general "benefit scoungers / bloody immigrants" crew will have no idea about but which will be costing them (if they have a job) more money than the things they so often complain about.

This loan was given a couple of weeks ago by the way. So you're wrong.

Good thread and thank you for highlighting, and it’s not just immigrants being let down, I took the plunge mid 2019 to go self employed and as I hadn’t (obviously) submitted accounts in the previous year so haven’t been entitled to any help!!

My revenue is 50% down on this time last year!

LlcoolJ · Nov 27, 2020

Chicken Run said:
Good thread and thank you for highlighting, and it’s not just immigrants being let down, I took the plunge mid 2019 to go self employed and as I hadn’t (obviously) submitted accounts in the previous year so haven’t been entitled to any help!!

My revenue is 50% down on this time last year!

Sorry to hear that Chicks.

You're in a similar boat to many of my clients. Hung out to dry by the loophole filled schemes of our glorious chancellor while many fill their boots.

portslade seagull · Nov 27, 2020

LlcoolJ said:
I think your edit actually makes even less sense.

Most of the streetwise unscrupulous brigade would have worked this out the same day it came into being. Can't see how the government would be able to recover it. Mind you plenty of big corporates do much more than this with their tax evasion techniques. Should be closing them loopholes 1st

LlcoolJ · Nov 27, 2020

portslade seagull said:
Most of the streetwise unscrupulous brigade would have worked this out the same day it came into being. Can't see how the government would be able to recover it. Mind you plenty of big corporates do much more than this with their tax evasion techniques. Should be closing them loopholes 1st

Agreed.

But seeing the utter shambles first hand is quite an eye opener! Especially when HMRC are pretty handy at coming down like a ton of bricks on people who are generally just trying to do the right thing.

Chicken Run · Nov 27, 2020

LlcoolJ said:
Sorry to hear that Chicks.

You're in a similar boat to many of my clients. Hung out to dry by the loophole filled schemes of our glorious chancellor while many fill their boots.

Regretfully I’d use a similar term to describe my accountant who sent an all client email saying “during these times we are here to help” bullshit so I reached out to get some advice over the phone to which two months later I get billed £50 plus vat for the 5 minute phone call which ultimately didn’t resolve or clearly answer my question.

portslade seagull · Nov 27, 2020

LlcoolJ said:
Agreed.

But seeing the utter shambles first hand is quite an eye opener! Especially when HMRC are pretty handy at coming down like a ton of bricks on people who are generally just trying to do the right thing.

Normally the normal Joey in the street who owes £s because we are easy targets. Trying to get it from the biggies probably involves indepth investigations and courts that takes months often with failure at the end of it

LlcoolJ · Nov 27, 2020

Chicken Run said:
Regretfully I’d use a similar term to describe my accountant who sent an all client email saying “during these times we are here to help” bullshit so I reached out to get some advice over the phone to which two months later I get billed £50 plus vat for the 5 minute phone call which ultimately didn’t resolve or clearly answer my question.

You need a new accountant mate. That is disgraceful.

I spent weeks at the start of lockdown on the phone / Whatsapp / email almost constantly and sometimes til late in the evening trying to help people with what they could or couldn't claim.

I never billed a penny, because how could you?

That actually makes me pretty angry that they could try to profiteer from your misfortune. I hope you told them to shove it.

LlcoolJ · Nov 27, 2020

portslade seagull said:
Normally the normal Joey in the street who owes £s because we are easy targets. Trying to get it from the biggies probably involves indepth investigations and courts that takes months often with failure at the end of it

Well yes. That and the fact that one of the first things the government did with "austerity" was to massively defund HMRC and get rid of all the top investigators who brought in the most money, because they cost too much (?!).

So of course they all went to work for big accountancy firms to advise companies about all the loopholes that they used to try to close.

Sensible stuff.

Chicken Run · Nov 27, 2020

LlcoolJ said:
You need a new accountant mate. That is disgraceful.

I spent weeks at the start of lockdown on the phone / Whatsapp / email almost constantly and sometimes til late in the evening trying to help people with what they could or couldn't claim.

I never billed a penny, because how could you?

That actually makes me pretty angry that they could try to profiteer from your misfortune. I hope you told them to shove it.

I have and my wife being a contractor has similarly ditched them, in their final invoice they are billing for work that they haven’t even completed.

We won’t pay until my wife’s corporation tax has been submitted.

Machiavelli · Nov 27, 2020

Beach Hut said:
The system was set up in around two weeks for loans, furlough etc so hardly road tested as such therefore several individuals / companies decided to take advantage but will hopefully get found out sooner rather than later.

Usual story, massive assistance offered however some deem it their divine right to take advantage of it.

I wonder why the OP points the finger just at immigrants ?

The OP is an accountant. There are some shysters that are accountants, but many of them are decent and trying to do the right thing. The OP falls into that category, and that's his agenda.

Got something to say or just want fewer pesky ads? Join us... 😊

[News] Bunglefool Sunak and the MASSIVE fraud?

Mama said knock you out.

A. Virgo, Football Genius

Mama said knock you out.

Brighton Bhuna Boy

Well-known member

Mama said knock you out.

Mama said knock you out.

Mama said knock you out.

Brighton Bhuna Boy

Mama said knock you out.

Member Since Jul 2003

Mama said knock you out.

Well-known member

Mama said knock you out.

Member Since Jul 2003

Well-known member

Mama said knock you out.

Mama said knock you out.

Member Since Jul 2003

Well-known member

Share this page