£5!

The owners of a Dundee newsagents cheated the taxman out of more than £1 million to pay for home improvements and the private education of their children.

Mohammed Arshid, 61, and Maqsoodan Arshid, 57, were directors of Nethergate Newsagents, which went into compulsory liquidation in July 2014 with debts of £1,044,973.

The shop went under after a five-year probe by HMRC found it had been under-declaring and concealing its liabilities for 17 years.

Mr Arshid, who was jailed for 17 months last year after admitting perjury in another case, submitted false P35 end of year returns to HMRC for tax and National Insurance contributions between 1996-97 and 2012-13.

This resulted in lost tax revenue, and penalty charges, of £525,454.

He also concealed VAT liabilities

ROBERT CLARKE, INSOLVENT INVESTIGATIONS NORTH