There was a recent issue when fraudsters had submitted a form to HMRC to have the bank account details changed for a large business (FTSE100).

The fraudsters knew (or using some VAT knowledge assumed) that the business was due a large repayment so attempted to have the details changed to an account that they had control over.

When such submissions are made (using a VAT 484 form) HMRC write to the business to confirm the changes. This delay in getting that letter to the business has opened an opportunity for fraudsters to change the details and get the payment out of the account before the business realises what’s been done.

Thankfully, HMRC staff were suspicious about the details for the account for such a large business and further enquiries highlighted the fraud. However, they cannot do this for all businesses, so if you are a regular repayment farming business, we would strongly recommend that you check the details that HMRC hold about your business online – especially the bank account details to ensure that this has not been recently changed without your knowledge. This should be done before you submit that next repayment VAT return.

HMRC have subsequently made changes such that, from 5 August 2024, any request to change your VAT registration details should be made using the VAT online account, and not by using the VAT484 form or any other postal or electronic means.

Using the digital route is quicker, more secure and will avoid any unnecessary delays. For taxpayers that are unable to access and use digital services, such as those who are digitally excluded or need assistance with digital services, HMRC provide a service to meet their needs, continuing to offer support through non-digital channels such as the phone, which includes their ‘needs extra support’ service.

Some taxpayers will still need to apply for a change to their details via post on a VAT484 form if they are digitally excluded or, for example, notifying us of taking over someone else’s VAT responsibilities. These customers can contact HMRC to ask for a form. 

This article is from the latest edition of our Agricultural Briefing. To receive future copies of any of our newsletters directly to your inbox, please  visit our preference centre  to register your interest.