Brain drain latest: Number of Brits choosing to move abroad doubles August 1, 2025 The rate at which UK taxpayers are moving abroad has more than doubled in the past three years, according to official data which experts warned could be understating the true speed of departures. The average number of P85 forms submitted to HMRC per month rose from 2,500 in 2022 to as much as 5,150 per [...]
Inheritance tax nets record £6.7bn before Budget raid July 31, 2025 The Exchequer raked in a record £6.7bn in inheritance tax between 2022 and 2023, as a longstanding freeze on the tax-free threshold and ballooning asset prices meant more estates were sucked in to paying the unpopular levy. The overall earnings from inheritance tax rose by over £700m in the tax year 2022/3, official data showed, [...]
Cosmetic surgery businesses in firing line for HMRC clampdown July 30, 2025 HMRC has launched a number of investigations into cosmetic surgery providers for not paying VAT – and cases are likely to rise, according to a law firm. Some providers of botox, dermal fillers and hair transplants have been operating on the misunderstanding that such procedures are VAT-exempt under a provision for medical care, law firm [...]
Jannik Sinner reappoints trainer he sacked after positive doping test July 23, 2025 Wimbledon champion Jannik Sinner has reappointed his former fitness trainer, who he sacked following his positive doping tests last year. Sinner parted ways with his fitness coach Umberto Ferrara and physio Giacomo Naldi last summer, after it was announced that the Italian tennis superstar had twice tested positive for the steroid clostebol in March 2024. [...]
City watchdog and HMRC ‘stepping up enforcement’ as number of raids surge July 17, 2025 The number of raids carried out by the City regulators upticked in the last two years, while the pressure on HMRC to investigate tax fraud is showing in the numbers
Companies House crackdown: 11,500 firms struck off July 17, 2025 Over 11,000 UK firms have been struck off the Companies House register over the past year following a coordinated crackdown on corporate structures suspected of facilitating fraud, money laundering and other economic crime. The operation, led by the National Economic Crime Centre and supported by the National Crime Agency, Companies House, HMRC, and several UK [...]
HMRC to slap Wimbledon winners Sinner and Swiatek with £1m tax bill July 16, 2025 Wimbledon winners Jannik Sinner and Iga Swiatek will each be slapped with a £1m tax bill by HMRC. Despite not being based in the United Kingdom, Italian Sinner and Pole Swiatek will each be taxed at 45 per cent for winning in SW19 and claiming their £3m prizes. Robert Salter, of audit, tax and business [...]
HMRC doesn’t know how many billionaires are in Britain July 16, 2025 HMRC does not know how many billionaires pay tax in the UK or how much they contribute, a group of MPs have warned, despite the outsized share of tax revenues they contribute, piling yet more scrutiny on the feasibility of a blanket wealth tax. In a report examining how to tax wealthy individuals, the Public [...]
HMRC under pressure as underpaid tax by US firms surges July 14, 2025 The UK’s tax collector is under pressure amid a surge in underpaid tax by US companies. HMRC suspects as much as £8.8bn in tax was underpaid by US companies in the previous tax year, a jump of 57 per cent compared to the previous year, according to figures obtained by accounting firm UHY Hacker Young. [...]
State pension could face insolvency by 2036 despite tax hikes July 6, 2025 Britain’s state pension could become financially unsustainable as early as 2036, despite recent increases in National Insurance contributions, according to new modelling by the Adam Smith Institute (ASI). The think tank warned the Treasury is on course to spend more on welfare payouts than it receives in National Insurance receipts within just over a decade. [...]