Yacht Broker, James Williams, has been jailed for three years after committing £210,000 VAT Fraud…
James Williams, 51, from Dorset has been found guilty of value added tax fraud to the value of £210,000 at Bournemouth Crown Court.
The yacht broker has been found guilty of VAT fraud on the sale of six luxury motor boats that he sold for a magnificent £1.4m and charged £210,000 VAT on sales; which he kept for himself instead of paying HMRC.
VAT Fraud offenses are said to of taken place between 2003 and 2009, whilst Mr. William’s company ‘Fairline Dorset Limited’ was only registered for VAT between 2005 and 2007.
The yacht broker allegedly used the money to fund a lavish lifestyle set in a picturesque cottage, renovating a 44-foot yacht and sending his children to private school.
Mr. Williams was also found guilty of one count of false accounting for falsifying a sales invoice which fraudulently used the name of another company to suggest that an inflated payment of VAT had already been paid on the sold yacht.
Upon sentencing Mr. Williams at Bournemouth Crown Court, Judge John Harrow, said:
“This was a deliberate and calculated attempt to deprive the Revenue.”
HMRC’s VAT Fraud inspectors began to investigate Mr. Williams’ tax affairs after suspicion rose to the fact that although Mr. Williams charged and collected VAT – receiving around £32,500 in VAT reclaims – he was not declaring any output tax to HMRC.
HMRC’s Assistant Director of Criminal Investigations, John Cooper, said:
“Williams used his position as Director of a yacht brokers to commit VAT fraud. He sold boats which had previously been supplied VAT-free for export to the Channel Islands, but failed to account for the VAT on their subsequent sale in the UK.
“This blatant attack on the tax system not only robbed the Exchequer of public funds, but is also unfair to those businesses that diligently abide by the rules.
“Tackling VAT fraud is a priority for us and we will not hesitate to pursue those who commit this type of offence.”
Mr Williams has been jailed for three years for the VAT Fraud crime.
Kevin Kinsella Jnr, of KinsellaTax, said:
“Usual bent operator who through greed ends up in prison, I have no sympathy whatsoever.”
Are you under tax investigation by HMRC under suspicion of VAT Fraud?
Value Added Tax Fraud allegations are serious and those facing prosecution by HMRC should seek professional tax advice.
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