No Accounting for Taste ep74: Furlough and Bounce Back Loan fraud

The AccountingWEB team is joined by Dan Heelan to discuss the high profile cases of furlough fraud and the dishonest use of the Bounce Back loans. Joining host Richard Hattersley and John Stokdyk to pore over the headlines on AccountingWEB this week is business owner turned accountant Dan Heelan from Heelan Associates. The big story this week was the arrest of an accountant and a director for a suspected £70,000 furlough fraud. Meanwhile, Heelan flags the Bounce Back Loans as another support measure which may have been exploited. Since the scheme launched we’ve seen discussions on AccountingWEB from readers concerned about clients applying for loans to use for non-business reasons such as ‘home improvements’, while another reader raised concern that a client has two bounce back loans with separate banks. Heelan discusses the extent of Bounce Back Loan fraud and what can be done, if anything, to stamp it out.