Fraudster ordered to repay £43K
A MAN who stole more than £41,000 in VAT repayments for a fake consultancy business has been ordered to repay £43,726 or serve extra jail time.
Terence Paul Jackson, 57, set up a bio-oils consultancy company, trading as Jackson Cooper Limited in 2009.
He then submitted multiple VAT repayment claims to HM Revenue and Customs (HMRC) over six years.
However, the business was a sham and never traded. Jackson invented all the financial records, company expenses, purchasing and travel receipts just so he could steal the VAT.
Before a routine visit from a tax inspector in 2015, Jackson confessed his tax theft over the phone to HMRC.
He was charged with VAT fraud in December 2015 and pleaded guilty in January 2016 at Liverpool Crown Court. He was immediately jailed for 12 months.
At a Proceeds of Crime hearing to recover the money he stole, the court heard that Jackson had rented out three properties in Rainhill and Manchester.
The properties generated a monthly income of £1,290, which he never declared. He also had several pension and savings investments totalling £170,000.
Jackson was ordered to repay the stolen VAT plus interest and penalties, totalling £43,726, within three months or he will have an extra 12 months added to his jail sentence.
