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X Factor Tax Fraud Accountant Pleads Guilty

Millions of people enjoy sitting round the box on a Saturday night and watching X Factor. It isn’t all singing and dancing though.

Oh no. There are many things which go on behind the scenes which would shock you. All kinds of things. Some things we would never even write about here on Contractor Accountants.

One thing we do write about is tax issues, so we feel obliged to report about this particular X Factor tax fraud saga that was going on behind the scenes.

It was an X Factor champion who is the victim here. NO…It isn’t Gareth Gates and NO…it isn’t Rik Waller.

Its a guy named James Arthur who won the X Factor competition recently and then set-up his own music company called “Raff Music Ltd.”

The purpose of this company was to collect the cash for all the songs and appearances Mr Arthur was getting paid for, and to make sure everything was above board he hired an accountant.

Now at this point I would have thought James would have gone to X Factor judge Simon Cowell for advice on who to hire for his accountant.

“Who should I hire?” he would ask.

“A contractor accountant, go to Contractor Accountants DOT Com,” the reply could very well have been.

It is our understanding here at CA that Simon Cowell is a big fan of Contractor Accountants and he hires them to do all of his books.

Unfortunately, it seems that James Arthur never asked Simon Cowell for advice about hiring an accountant. Instead he went it alone, and hired his own accountant.

We are not sure where he found this accountant, but it definitely wasn’t at Contractor Accountants, we can tell you that.

The reason? Because this accountant went on to steal £600,000 of Mr Arthur’s hard earned cash. He took it directly from “Raff Music LTD” and put it directly into his pocket.

As you can imagine, the X Factor star soon noticed that £600,000 quid was missing from his bank accountant, and it wasn’t long before he pointed his finger directly at the accountant.

So tax fraud was the name of the game here and in no time at all the accused accountant was in court and facing a judge.

He pleaded guilty and is now awaiting his sentence.

If you do the crime then you must do the time, is our motto here at Contractor Accountants. Our vote is for this X Factor accountant to spend a bit of time behind bars so he can learn his lesson.

And for James Arthur? Look to the right of the page right now and find legitimate accountants you can trust.

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