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 [...]
Less than 62,000 of UK’s one million trusts registered with HMRC just two weeks before deadline August 19, 2022 Only a tiny proportion of those who own non-taxable trusts have registered them with HM Revenues and Customs’ (HMRC’s) Trust Registration Service (TRS), just weeks before the deadline on 1 September. A total of 61,700 of the UK’s estimated one million trusts were registered with the HMRC service in the first six months of 2022, [...]
Whistleblowers play key role in crackdown on furlough fraud as HMRC gets nearly 14,000 tip-offs August 16, 2022 13,775 whistleblower reports have now been received by HMRC about fraud against the furlough scheme as people report their employers, and ex-employers, City lawyers have told City A.M. HMRC is now stepping up its enforcement activity with a view to recovery, issuing penalties and pursuing prosecution or directors disqualifications where appropriate. There were many complex [...]
HMRC’s furlough fraud crackdown sees whistleblowers file almost 14,000 reports August 10, 2022 HM Revenues and Customs has received almost 14,000 whistleblower reports after launching an online tip off service to make it easier to report instances of furlough fraud. Thousands of people have blown the whistle on their employers and former-employers by reporting them for furlough fraud using HMRC’s digital reporting tool, analysis from law firm Pinsent [...]
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 [...]