Former F1 boss Bernie Ecclestone charged with fraud by the CPS over failure to declare £400m assets July 11, 2022 Former F1 racing boss Bernie Ecclestone has been charged with fraud by the Crown Prosecution service over £400m of assets he failed to declare. The 91-year-old businessman was accused of the crime by false representation, with the CPS saying it authorised the charge after reviewing evidence from HMRC. It was made “in respect of his [...]
£330 pay boost for 30m Brits as National Insurance threshold will rise to £12,570 from tomorrow July 5, 2022 Millions of Brits will get a modest boost in their pay packets this month as they grapple with surging living costs, because – from tomorrow – the threshold at which people pay National Insurance (NI) will increase. The UK Government has previously said this will benefit nearly 30m working people with a typical employee saving [...]
After Eamon Holmes, Gary Lineker and Lorraine Kelly, Sky Sports star Alan Parry hit with £356k tax bill: ‘Who will HMRC target next?’ July 5, 2022 Sky Sports presenter, Alan Parry, has had his appeal against a £356,420.37 IR35 tax bill dismissed at a First-Tier Tax Tribunal hearing. Parry was contesting that the contracts his limited company, Alan Parry Productions Limited, held with BSkyB between tax years 2013/14 to 2018/19 reflected an employment relationship, rather than self-employment. But due to the Judge [...]
HMRC: Big UK firms owe £2.7bn in unpaid VAT June 27, 2022 HMRC is missing out on a total of £2.7bn in underpaid VAT, a new study has revealed. HMRC suspects 208 of the UK’s 2,000 largest businesses have underpaid VAT by an average of £13.4m each, according to fresh analysis by Thomson Reuters. The study said that the £13.4m figure relates to “tax under consideration”, which [...]
Brits paid billions more in taxes over the last year as HMRC ramped up tax collection June 23, 2022 The British population paid more in taxes in 2021-2022 as HM Revenue and Customs collected £718.2bn in taxes, a near 23 per cent rise from the year before. Total HMRC tax receipts for April 2022-May 2022 were £121.9bn, according to HMRC data released today. These were £14.8bn higher compared to the same period last year even as the [...]
Britain’s ‘most-wanted’ tax cheat begins eight year jail sentence after nine years on the run June 10, 2022 One of “Britain’s most-wanted tax fugitives” has appeared in court for her role in a multimillion-pound VAT fraud after she was extradited following nine years on the run. Sarah Panitzke, 48, originally from York, finally faced justice when she appeared at Kingston Crown Court in south-west London on Friday. Panitzke absconded in May 2013 while [...]
Exclusive: Brits slapped with £571m in HMRC fines in crackdown on tax avoidance and late payments May 31, 2022 Penalties imposed by HMRC on taxpayers have jumped by nearly a third, from £445m to £571m in just one year, according to fresh HMRC data, shared exclusively with City A.M. today. The primary reason behind this jump is HMRC increasingly clamping down on tax avoidance as part of its efforts to make up for revenue [...]
Revealed: HMRC now tracking 277 UK businesses it suspects of using tax havens to reduce tax bills May 30, 2022 HMRC is now tracking 277 British businesses it suspects of using ‘tax havens’ to artificially reduce their tax bills in the UK, according to a City law firm. HMRC is concerned that some UK businesses are still avoiding tax in the UK by recording income in countries with zero or near-zero corporation tax. Countries traditionally [...]
Exclusive: Steep surge in income tax and national insurance as higher taxes bite in cost of living May 26, 2022 The combined amount of Income Tax and National Insurance paid in the last twelve months has soared by 13 per cent to more than £387bn, new figures from HMRC show. The latest data from the taxman comes amidst the growing cost-of-living crisis, the Government is now likely to come under increasing pressure to alleviate the [...]
Govt owes itself £263m in back taxes as Whitehall departments failed to comply with payroll rules May 25, 2022 Due to a failure of Whitehall departments to comply with rules on off-payroll working, MPs have stated that the Government owes itself hundreds of millions of pounds in back taxes. The Commons Public Accounts Committee said it was “not acceptable” that central government was paying out to cover tax owed for individuals who had been [...]