Starting a new business? Get 40% off our accountancy services for 3 months! 😎


Hot on the heels of the discovery that many small businesses don’t claim sub-£10 expenses comes news that they’re also losing money on fraudulent invoices.

SMEs Losing £9bn A Year

Tungsten, an e-invoicing, invoice financing and analytics company, surveyed over 1000 UK SMEs and concluded that companies of this size lose £9bn every year to invoice fraud in the UK.

The report found that nearly half (47%) of the responding companies had received a fraudulent or suspicious invoice in the last year, with 54% identifying it as their single biggest threat.

However, even though one in six SMES believed that fraud invoice had cost them in excess of £5,000 in the last year, only 44% say they would contact the police or Action Fraud if they received a fraudulent invoice, while 13% admitted to being unsure what they should do if they received one.


Tricks of the Invoice Fraud Trade

So how are fraudulent invoices issued? How do they go undetected – and what harm can they do?


Protecting Your Business from Invoice Fraud

“UK small businesses face all manner of challenges, and it’s telling that cyber-crime looms as one of the biggest, “ says Tungsten’s CEO, Richard Hurwitz. “What’s most troubling is that it needn’t be like this as there are steps companies can take to protect themselves.

“Technology such as electronic invoicing can help battle invoice fraud as only confirmed suppliers can upload their invoices and then these are validated before they are paid, potentially saving firms thousands of pounds.”


Whether you use technology or rely on person-power to check your invoices, make sure they are checked before opening or paying them:


These measures will help you to keep your company’s hard-earned money in its own bank account – and not in the hands of scammers.

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

More posts by this author
Notify of
Inline Feedbacks
View all comments

Read more posts...

What is a Non-Established Taxable Person for VAT?

There are special VAT rules in place for online sellers who are classed as non-established taxable persons (NETPs), and use an online…

Read More

The Accountancy Partnership – Our Positive Reviews

Here at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…

Read More

What Type of Legal Structure Should I Choose When I Start a Business?

The structure that you choose when you start a business affects how the business operates, the amount of tax you pay, how…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.


You will receive our bookkeeping software Pandle for free, as part of your package.

You can use this to complete your own bookkeeping, or we can provide a quote to complete your bookkeeping for you.

Please select and option below:

I will do my own bookkeeping
I want you to do my bookkeeping

Call us on 020 3355 4047 if you’re not sure.