It's more important than ever to keep an eye for scammers who target innocent tax payers. Over the last year, there was a noticeable increase in reported HMRC scam calls and texts. The main purpose of those scams was to collect money from tax payers who are manipulated to thinking that they did not pay their taxes correctly, or are evading taxes through their non-compliant actions. Many people were victims of such calls, however, with increasing awareness. people are identifying these scammers and reporting them to HMRC.
What's new is that there are emerging pension scammers! The latest story in that area discusses two convicted and jailed pension scammers. It's necessary to be aware of the communications you receive, and get into the habit of looking to the firms or areas communicating with you before deciding to pay them any fees or sharing any personal details.
Mark Kelly and Rikki Nicholls have been sentenced to six years imprisonment owing to the conspiracy of fraud and money laundering at Southwark Crown Court.
Kelly and Nicholls plotted to convince pension holders, especially Equitable Life customers, to transfer their pension funds into bank accounts owned by Kelly.The victims were encouraged to sign shady application forms, which enabled the scammers to steal the pension funds. Without the knowledge of the pensioners, the duo then used these funds for risky investments performed abroad.
These investments allowed the defendants to gain high rates of commission. However, they put the pension funds in a risky situation. A number of pensioners lost the full amounts of their pension in the process.Kelly and Nicholls took approximately 10% of the gross sum in unauthorised commission payments. The amount exceeded well above £1m for each of them.
This was an unethical act as innumerable pensioners now have to work even after their retirement date in order to survive. The CPS works with law enforcement in order to penalise criminals who commit fraud and money laundering. It also compensates victims and brings them justice.
The process of compensation maybe lengthy if there was an eligibility. That's because the pensioners have signed these shady contracts willingly, without looking into the business that reached out to them, and carefully examine the contract.
On many occasions, taxpayers, pensioners, and business owners might be contacted by governmental bodies. When you are contacted, via email, or phone call, request to receive the information in written format via mail. Governmental bodies could do that easily. However, if the callers where scammers they would usually try to convince you to share important bank details, and personal information.
Don't fall for that!
Once you feel that there's something off. Report the scammers to the specialised government body. This way, you will end an unethical road paved by scammers who target innocent individuals.
It's also essential that you take your time to look into companies approaching you. It's alright to ask your lawyer for an opinion before signing a contract. As your accountant about HMRC reaching out. Taking your time is the theme of this solution. The more you take your time and look into the communications you recieved, the easier you will spot the scammers.
