Reply to: Company funds lost due to fraud a deductible expense?

[Bugbait]

OP, how much money have you been stung for?

Prefer not to disclose exactly but it's 5 figures, so although not crippling it's enough to bother chasing it.

[Clippy]

OP, how much money have you been stung for?

[Bugbait]

Can't you put a claim in against the accountant insurance policy? You will probably have to submit a formal complaint to their accounting body, assuming they have one. I guess if you have suffered from fraud you have already started a complaint anyway?

Yeah, few things in the works at the moment.

[Wanderer]

It's not tax deductible, but hopefully HMRC will be sympathetic about giving you time to pay, given the unusual circumstances.

Can it not be written off against company profits as a bad debt or something?

[Waldorf]

Can't you put a claim in against the accountant insurance policy? You will probably have to submit a formal complaint to their accounting body, assuming they have one. I guess if you have suffered from fraud you have already started a complaint anyway?

[baza44]

I’m giving them time to evaluate my case before negotiations resume but I’m hoping they’ll remove the penalties (accountant at fault there too) and some/all of the interest in return for a lump sum payment as gesture of good will but I think I might be hoping for too much there.

My last dealings with HMRC was that they have frozen the interest in return for a payment (£500) gesture of good will. Haven't set up a payment plan with them yet.

[Bugbait]

It's not tax deductible, but hopefully HMRC will be sympathetic about giving you time to pay, given the unusual circumstances.

Thanks Clare, had a feeling that was the case but was hoping for some better news. HMRC can offer a payment plan for companies where it would cause financial hardship if it was paid again in a lump sum. I’m giving them time to evaluate my case before negotiations resume but I’m hoping they’ll remove the penalties (accountant at fault there too) and some/all of the interest in return for a lump sum payment as gesture of good will but I think I might be hoping for too much there.

[Clare@InTouch]

It's not tax deductible, but hopefully HMRC will be sympathetic about giving you time to pay, given the unusual circumstances.

[cojak]

Request made to Admin to grant PM privilege to Bugbait.

(which you can choose to use or not, Bugbait)

Thanks to all for your discretion...

[Bugbait]

I've already made a formal witness statement to the Police hence why I cannot discuss other details. I'm just trying to crunch some numbers for further discussion with HMRC hence the question.

[blacjac]

Sorry, just been and checked the thread and the phone no has been removed, if you PM Administrator and ask him to open up private messages for you, I can send you the info I have via PM (if it is the same accountant

[blacjac]

No problems, I was just wondering if it was the same as the accountant I used to be with up until they were arrested for doing this very thing a few weeks ago....

There was a thread on here about them at the time, but it got locked down and last time I linked to it the link was removed and I was asked not to do it again, however if you search for it there is a phone number for West Yorkshire police in the thread who will be able to help you if it is the same accountant....

[Bugbait]

Who was the accountant?

Sorry, can't disclose on a public forum at this stage. Still wondering about my original question though...

[eek]

Who was the accountant?

It would not be a good idea to answer that question here. If its the one I think it is a quick search on this site will give you a good idea.

[blacjac]

Who was the accountant?