For 10 years Jonathan Haag, 41, failed to fully declare profits in his Self Assessment tax returns and understated sales on his VAT returns, according to HM Revenue and Customs.
HMRC officers discovered Haag lied on his Self Assessment returns between December 2001 and April 2010, leading to an underpayment of £57,500 in Income Tax and VAT.
Haag sold new items of jewellery, explained HMRC, as well as buying and selling second-hand gold at premises in Cavendish Street, Chesterfield. He admitted failing to declare his trade in scrap gold in his Self Assessment returns and only valued his stock at between £34,000 and £55,000.
HMRC revealed how they found around 100kgs of gold jewellery and coins worth nearly £1.3 million and £253,000 in cash at his home and business in 2011.
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Haag admitted tax fraud and returned to Nottingham Crown Court for sentencing. He was ordered to pay £57,500 by August 15 and £1,800 costs and was given 150 hours’ unpaid work.
Anyone with tax fraud information can call Customs on 0800 59 5000.