HMRC sues EY following dispute over property tycoon’s tax affairs November 15, 2022 HMRC has filed a High Court lawsuit against EY over alleged misrepresentations to the UK tax authority in relation to British property investor Jamie Ritblat’s tax affairs. The case relates to a broader dispute between HMRC and the Tory donor over taxes on £141m in profits from Ritblat’s Delancey property investment firm, the Financial Times [...]
HMRC’s Covid fraud taskforce to leave billions unaccounted for November 14, 2022 An HMRC unit set up to tackle Covid fraud is set to leave £3.3bn outstanding when it winds down in March 2023, campaigners have warned. The Taxpayer Protection Taskforce, which was set up by Chancellor Rishi Sunak in March 2021, will be phased out, despite having collected less than 25 per cent of the money [...]
Value of UK business tax breaks hits record £105bn in past year alone November 14, 2022 The value of business tax reliefs in the UK hit £105.3bn in the past year, up from £100.3bn in 2020-21, shows new research shared with City A.M. this morning. The £105.3bn figure represents the combined cost estimated by HMRC for the 58 significant tax reliefs available to corporates. However, these represent just a fraction of [...]
Rise in capital gains tax on the cards as Chancellor Hunt scrambles to raise £50bn November 4, 2022 As the Chancellor is weighing up “difficult decisions” to address a £50bn black hole in the public finances, Jeremy Hunt is looking at raising taxes on the sale of assets such as shares and property. Hunt is also considering an increase in dividend tax, in a move that would come as a blow to entrepreneurs. [...]
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 [...]