HMRC issues record £28.3m fine for money laundering breaches January 7, 2021 HMRC has issued a record £28.3m fine to Luton-based business MT Global, a money transfer company. The fine is the largest ever issued by HMRC and relates to “significant” breaches of money laundering regulations between 2017 and 2019. The company was penalised for failures in carrying out risk assessments, its policies, controls and procedures, due [...]
Snitches get riches: HMRC payments to tax evasion whistleblowers up 63% in 2019/20 November 15, 2020 HMRC reported a 63% increase in payments to whistleblowers for reporting tax evasion in the 2019/2020 tax year, paying £473,000 to informants during the period. In the previous tax year HMRC paid £290,250 to informants – around £182,000 less than in 2019/20. The figures were published in HMRC’s annual reports and accounts 2019 to 2020. [...]
HMRC to receive powers to enforce disclosure of assets September 19, 2020 HM Revenue & Customs (HMRC) will be given new powers that will allow it to force financial institutions to provide information about people’s assets. The firms will be required to pass on customer information if served with a “financial institution notice” by HMRC under new measures proposed in the next finance bill. It will mean [...]
Purplebricks fined £260,000 for breach of money-laundering rules August 18, 2020 Online estate agency Purplebricks has been fined more than £260,000 by HM Revenue & Customs for violating money-laundering rules. Under UK regulations implemented in 2017, estate agencies are required to ensure customers are not using their business to launder money. The legislation says estate agencies are responsible for carrying out financial checks on their clients [...]
A four-step approach to optimise your innovation funding July 23, 2020 | City Talk The landscape of innovation grants, funding and tax credits can be overwhelming. We explore how companies can make the most of the funding options available to them. With a host of new innovation funds being made available across a number of sectors and HMRC committing to accelerating payments of research and development (R&D) tax credits, [...]
Legislation day – A vision to reshape and modernise HMRC for the future July 22, 2020 | City Talk As one might expect from Legislation Day, yesterday included the publication of draft legislation ahead of the Autumn Budget. However, the core theme from yesterday’s announcements that accompanied the legislation was the Government’s clear mission to change the role that HMRC plays in tomorrow’s society. This builds from the critical role that the tax authority [...]
Tax less, spend more: the Chancellor’s Summer Statement July 8, 2020 | City Talk The Chancellor delivered an Economic Statement that may not have been heralded as a Budget, but nonetheless delivered some significant changes to the country’s taxation and spending regime. In what was clearly a ‘Tax Less, Spend More’ statement, Rishi Sunak delivered not just a VAT cut for the few, but spending grants for the many. [...]
VAT rate cut: implementation for businesses will be more complicated than it appears July 8, 2020 | City Talk The Chancellor’s announcement is a welcome and targeted measure for the hospitality and leisure sector which has been impacted by COVID-19 and this VAT reduction from 20% to 5% is designed to help stimulate spending. Prior to the announcement, there had been speculation that there would be a general rate cut – which we have recently [...]
HMRC offers COVID-19 extension for import VAT and duty payments due on 15 April April 10, 2020 | City Talk The payment of VAT and duties can be a significant cash flow burden on businesses and HMRC has recognised this in the number of easements introduced in response to the COVID-19 crisis. The Chancellor announced on 20 March that VAT payments due from 20 March to 30 June could be deferred until 31 March 2021. [...]
Reforming business rates – is Land Value Tax really a viable alternative? March 9, 2020 | City Talk The Business Rates system has long been considered by businesses as outdated and in need of reform. It imposes its tax burden whether the business is “in the red or the black”, i.e. profitable or not. Also, whilst purported to be a tax on business collected by means of property, it has a distinct bias [...]