MoneyMarketing have reported that an unscrupulous accountant has found himself sentenced to 8 years imprisonment for an £11m income tax and VAT fraud. This highlights the importance for contractors to choose the right accountant to manage their finances.
London-based accountant, Christos Charalambous, completed over 6,000 self assessment tax returns for clients. This included fictitious expenses claims in order to increase the tax repayments due. In addition, he understated the income he received from client fees on his personal returns and failed to register, declare and pay VAT due on his accountancy firm Charltons.
HMRC assistant director of criminal investigation Steve Armitt says:
“Charalambous is a thoroughly dishonest accountant who was motivated by greed. He betrayed the trust of innocent and vulnerable people to feed that greed. This deprived the nation’s public services of millions of pounds. Our aim is to pursue and prosecute those involved in this type of criminal activity and reclaim the proceeds of their crime.”
Passing Christos Charalambous’ sentence, His Honour Judge Richardson commented: “The offences are more serious as you were a chartered accountant. HMRC ought to be able to trust you as should your clients. You exposed them to the dishonesty that you practice. With tax enquiries, you responded with evasion and lies.”
