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Five year fraud figure tops £7bn

Are whistleblowers running scared?Reported fraud in the UK exploded over the last five years and broke the £7bn barrier according to figures recently released from BDO LLP’s annual FraudTrack report. BDO’s team of specialist fraud investigators predicts that the £7bn mark is just a precursor of worse things to come and warns that annual reported corporate fraud will continue to rise significantly over coming years. Areas fuelling this warning include fraud expected across commercial lending and mortgage markets. Although reported fraud dropped in 2010 to £1.4bn from £2bn the previous year,

BDO STOY HAYWARD WELCOMES FINAL TAX DISCLOSURE OPPORTUNITY

4 August 2009 BDO STOY HAYWARD WELCOMES FINAL TAX DISCLOSURE OPPORTUNITY Following the announcement made in this year’s budget, HM Revenue & Customs (HMRC) has today formally launched the New Disclosure Opportunity (NDO), its final offer to taxpayers to disclose any unpaid tax connected with the operation of offshore bank accounts. In return for a full disclosure of all tax irregularities, participants will qualify for a drastically reduced financial penalty of either 10% or 20% of the tax due, compared to the maximum 100% that HMRC would be able pursue if it launched its own enquiries. The

FRAUD DOUBLES YET EXPERT SAYS THE WORST IS STILL TO COME

BDO Stoy Hayward's six monthly update to their annual Fraudtrack report has seen the rate of fraud growth nearly double. Reported fraud for the whole of last year was a staggering £1.2bn yet that figure has nearly been reached in only the first six months of this year. Figures show fraud to June 2009 costing the country £960m. The total number of fraud cases has jumped by a third. Kay Linnell, Forensics Director at BDO Stoy Hayward in Southampton, says: “From a fraud point of view we are a long way from the bottom. It is extremely likely that the total fraud figures will treble during the

TMT GROWTH FUNDING IN DANGER OF DRYING UP

TMT GROWTH FUNDING IN DANGER OF DRYING UP The number of TMT (Technology, Media & Telecoms) businesses who feel they have access to funding for their business to operate effectively has more than halved year-on-year, according to new research from accountants and business advisers BDO Stoy Hayward*. In 2009, only 38 per cent of TMT businesses said it was easy to get access to new funding compared to 73 per cent in 2008. In addition, the number who found it difficult to get access to funding more than doubled to 30 per cent (up from 14 per cent last year). Paul Anthony, Partner in charge of

University and business advisors team up to keep learning on the agenda

The University of Portsmouth Business School and specialists from accountants and business advisers, BDO Stoy Hayward, joined forces for a special event to help businesses combat the challenges of the current recession through sales and marketing.The ‘Come learn with us’ seminar provided staff from BDO and clients from the local business community, with the opportunity to hear how companies are rethinking their approach to growing market share in the current climate. Over 50 delegates listened to presentations from Michael Asteris, Principal Economics Lecturer, Sales Management Principal

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