HMRC wins challenge over Next’s “artificial” tax avoidance scheme May 19, 2015 HMRC has won its challenge against high street retailer Next over an "artificial" tax avoidance structure. The First-Tier Tribunal (FTT) has ruled in favour of the government, which brought the case against Next Brand, part of the wider group. The FTT found the scheme, known as a rate-booster, allowed the business to artificially [...]
PwC tells HMRC to pay up 10 years after MG Rover collapse, claiming £56m in overpaid VAT April 8, 2015 PwC is tapping HMRC up for £56m in overpaid VAT, 10 years to the day that the car giant entered administration. The financial services firm, which handled MG Rover's administration and subsequent liquidation, is claiming the taxman received excess payments on vehicles manufactured by the Midlands-based group and supplied to fleet operators “dating back a [...]
General Election 2015: Ed Miliband promises review of HMRC after HSBC tax avoidance row February 14, 2015 Labour has set its sights on the tax inspector, promising a “root and branch” review of HMRC following criticism of the investigation it made into tax avoidance which came to light from the HSBC Swiss bank leaks. Miliband made the pledge speaking at the Welsh Labour Conference in Swansea as the issue of tax avoidance [...]
Treasury Select Committee to launch HSBC tax inquiry as HMRC calls in the police February 12, 2015 The Treasury Select Committee has confirmed it will launch an inquiry into HSBC's Swiss private bank. The committee, headed by Conservative MP Andrew Tyrie, will take oral evidence from both the bank and HMRC executives as it attempts to get to the bottom of the hot potato issue that has dominated this week. Tyrie [...]
Politicians slam HMRC and FCA for HSBC tax evasion failure February 10, 2015 Senior MPs criticised the Financial Conduct Authority (FCA) and Revenue and Customs (HMRC) yesterday, after it was revealed the FCA was unaware of the wrongdoing at HSBC, and that HMRC had failed to pass on its concerns to the City watchdog. The chairman of the FCA, Martin Wheatley, made a pre-arranged appearance in front of [...]
HMRC faces HSBC tax evasion grilling in parliament after it is revealed Swiss arm helped clients hide millions February 9, 2015 Tax bosses will be grilled by MPs on Wednesday over a swathe of leaked HSBC documents showing the bank's Swiss arm helped clients around the world dodge taxes. But HSBC's bosses will avoid a public hearing, because it is too close to the election to schedule new hearings. Margaret Hodge MP chairs the Public Accounts [...]
HMRC to fine 890,000 people for missing self-assessment deadline February 2, 2015 HM Revenue and Customs has said that as many as 890,000 people are facing fines for missing the deadline for submitting self-assessment returns. People who missed the deadline, which was midnight on 31 January, will be £100 out of pocket and even more if they fail to submit a self-assessment form over the course of [...]
HMRC helplines put callers seeking tax advice on hold for up to 41 minutes December 14, 2014 The government yesterday pledged to improve services for people seeking tax advice, after a survey found almost 30 per cent of calls to two helplines were cut off. The consumer watchdog Which? found 29 out of 100 callers seeking advice before a tax return deadline received instead an automated message. Callers were put on hold [...]
“HMRC must do more, faster”: Slow action on tax avoidance is losing UK money, report claims November 17, 2014 The government department tasked with chasing tax avoidance schemes and recovering the cash is too slow, resulting in millions being lost, a report out today claims. The Public Accounts Committee looked into the process HM Revenue and Customs follows to recover tax lost through avoidance schemes and found that up to £10m from one particular [...]
British American Tobacco whacked with £650,000 fine by HMRC for “oversupplying” Belgium cigarette market November 13, 2014 British American Tobacco (BAT) has been hit with a fine of £650,000 by HM Revenue & Customs for oversupplying cigarettes to Belgium, which has substantially lower tobacco taxes than Britain. Apparently, that causes more low-cost cigarettes to be smuggled into the UK. According to papers seen by the Wall Street Journal, it is the first [...]