Exclusive: 832,000 businesses face fines and missed VAT returns as new digital tax deadline is today November 1, 2022 UK VAT registered businesses who are yet to sign up for the so-called Making Tax Digital (MTD) by today will fall foul to non-compliance, penalties and an inability to file their VAT returns. The amount of businesses facing a default surcharge penalty is expected to significantly increase in November as a result of businesses being [...]
Tax authorities arrest eight people over alleged attacks on R&D incentives October 31, 2022 Tax authorities have arrested eight people over alleged “organised criminal attacks” on tax breaks for those carrying out research and development. The individuals are alleged to have set up more than 100 fake claims worth more than £16m, under the £7.4bn scheme which is designed to incentivize innovation by providing tax breaks for R&D, according [...]
Whistleblowing employees surge in tax fraud cases reported to HMRC October 17, 2022 Employees’ reports to HMRC over employers’ suspected tax evasion and fraud have increased by 11 per cent in the last year. Figures from HMRC have shown that over the past two years whistleblower accusations have almost doubled, from 8,900 in 2019/2020 to 15,100 in 2021/2022. Experts believe the increase is attributable to soaring numbers of [...]
From Poll Tax to tampons and 10p rates: Historic U-turns that left governments red faced October 4, 2022 Kwasi Kwarteng was forced into a U-turn on plans to scrap the 45p tax rate yesterday, just ten days after announcing the proposal in his ‘mini-budget’. While undoubtedly embarrassing for the new Chancellor, he is by no means alone in having to rapidly rethink big Budget announcements. City A.M. caught up with AJ Bell head [...]
Automotive industry underpaid taxes more than any sector after 143 per cent surge September 26, 2022 The automotive sector has seen the highest increase in underpaid taxes, following a 143 per cent year surge. According to financial investigation firm PfP, the amount the HMRC thinks the industry has avoided paying has gone up from £182.3m to more than £444.2m. This will lead to increased industry scrutiny over the next year. But [...]
HMRC calls on collapsed bank’s UK customers to hand over tax information September 7, 2022 HM Revenues and Customs has called on Euro Pacific Bank’s British customers to hand over information about their tax affairs, following the launch of a tax evasion probe into the Puerto Rican bank. The UK taxman called on the around 600 people in the UK who used Euro Pacific Banks services to come forward after [...]
Art dealers and letting agents drive uptick in anti-money laundering registrations September 1, 2022 Art dealers, letting agents, and estate agents are driving an uptick in the number of UK businesses registering for anti-money laundering (AML) supervision with HMRC. The total number of businesses signing up to HMRC’s AML register increased 0.9 per cent from the financial year 2020-21 to 2021-22, analysis of public available data by AML verification [...]
Boohoo charged by HMRC over recycled polybag certification August 31, 2022 The taxman has charged Boohoo Group over a lack of certification for its recycled polybag content. The fashion brand wrote to product suppliers last week saying the charge would be passed on unless they met certain conditions, according to Drapers. Boohoo was accused by HMRC of breaching recently introduced rules about plastic packaging, meaning items [...]
Brexit: Large UK corporations suspected of underpaying more than £25m in taxes August 30, 2022 Large UK corporations have been suspected of underpaying £25.3m in post-Brexit import duties from the EU. Research from multinational law firm Pinsent Masons showed that the amount of taxes under consideration by the HMRC has increased by 97.5 per cent in the year ended 5 April, going up from £620,000 in 2021. “The amount of [...]
EXCLUSIVE: Number of firms fined for deliberate corporation tax misinformation hits four-year high August 22, 2022 The number of businesses fined by HMRC for deliberately obscuring their corporation tax affairs has climbed to its highest level in four years, exclusive figures obtained by City A.M. reveal. The tax man last year penalised 62 firms for purposefully sending incorrect information to possibly slash the amount of corporation tax they pay, up 35 [...]