A Nottingham accountant has been jailed for eight years for running a conspiracy to steal £2.5m in a buy-to-let tax fraud reports Money Marketing.

Following an investigation by HM Revenue & Customs, John Warman was convicted of manipulating tax returns to evade paying tax and pocket the proceeds. In court it was revealed that Warman conspired with property tycoon, Simon Fields, to significantly understate the profits from Fields’ property empire. The amount received from renting out the properties was understated whilst interest paid on buy-to-let loans and amounts paid for repairs and renewals was overstated. Over a nine-years Fields got away with £1.5m due in tax.

HMRC says he used part of his ill-gotten gains to fund a Bentley Armage, valued at over £165,000.

Accountant jailed for £2.5m buy-to-let tax fraud [Money Marketing]