HMRC suspects big firms are underpaying £1.4bn due to workers’ false ‘self-employed’ classification August 1, 2022 The taxman suspects big firms are underpaying tax to the tune of £1.4bn, by classifying workers as ‘self-employed’ when they’re actually full staff. Leading law firm Pinsent Masons claims HMRC (HM Revenue & Customs) suspects companies are classifying staff as self-employed to avoid making Employers’ National Insurance contributions. HMRC has been clamping down on the [...]
HMRC in crackdown on tax return mistakes as taxman hands out 80 per cent more penalties July 20, 2022 HMRC handed out 80 per cent more penalties for careless errors made by taxpayers in their tax returns last year, with 89,317 penalties issued in 2021/22, up from 49,701 the previous year. Some of the penalties issued for ‘careless errors’ are likely to be for mistakes made in returns filed during the pandemic. While the [...]
HMRC takes tougher stance towards tax evasion following Covid and war in Ukraine July 19, 2022 The UK government is taking an increasingly tough stance towards tax evaders, according to new analysis from Pinsent Mason, in a sign HMRC is taking an increasingly tough stance towards tax evaders in its efforts to balance the UK’s books, lawyers have said. The number of individual taxpayers charged with tax evasion jumped 11 per [...]
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 [...]