Thousands could face ‘huge’ tax bills for failing to report pensions growth November 26, 2019 Thousands of pension scheme members could face large tax bills for failing to report pensions growth on their tax returns. HMRC said today it was aware some individuals have not reported exceeding the annual allowance for pensions contributions, which currently stands at £40,000. Read more: Exclusive: Pensions minister demands simpler workplace pension statements “This admission [...]
HMRC targeting “app economy” in crackdown on tax evaders July 23, 2015 HMRC wants to extend its data-gathering powers to be able to access data from Google and Apple app stores. The state tax collector wants to tackle tax evasion in the “app economy” using data from app stores and online platforms as it believes that this will provide information on digital businesses that have not declared [...]
HMRC debt recovery powers to raid bank accounts ride roughshod over Magna Carta principles July 16, 2015 Buried in the hefty tome presented to the House of Commons at the Budget last week were these 36 words: “Direct recovery of debts – This government will introduce legislation to modernise and strengthen HMRC’s powers to recover tax and tax credit debts directly from debtors’ bank and building society accounts, including funds held in [...]
New HMRC debt recovery powers that allow direct access to bank accounts slammed by taxpayer group as “flying in the face of Magna Carta” July 12, 2015 The Taxpayers’ Alliance (TPA) has slammed new HMRC debt recovery powers which they said “fly in the face of Magna Carta”. Under the new direct recovery rules, which were announced in the 2014 Budget and are yet to come into force, HMRC would have the ability to seize funds directly from bank accounts. In a [...]
HMRC looks to shut down thousands of businesses due to unpaid tax bills June 28, 2015 HMRC applied to shut down 3,000 businesses last year to meet unpaid tax bills, according to research released today by online finance market Funding Options. The tax authority was successful in gaining court orders to wind up 1,887 businesses over their tax debts, a four per cent rise from 2013’s 1,816. Once a business is [...]
Raids on premises treble in HMRC tax evasion crackdown June 21, 2015 The number of raids carried out on premises has trebled in the last four years, as part of government investigations into tax evasion. Almost 600 property raids were carried out this year by HM Revenue and Customs (HMRC), following increased pressure from the government to meet its target of 1,165 tax evasion prosecutions set out [...]
HMRC pays out its highest ever amount to tax whistleblowers June 14, 2015 HMRC paid a record amount to tax informants in the year ending 31 March, City law firm RPC said today. The state tax collector paid out £605,000, up 50 per cent on the previous year. Experts suggest it is because of increased awareness of the rewards available for information. “HMRC does not widely publicise the [...]
HMRC waives £100 late tax return fines to prioritise “major” investigations May 30, 2015 Thousands of people who missed the deadline for filing tax returns will be let off of fines handed out for late payment, it has been revealed. HMRC will waive the charge for anyone who offers a "reasonable" excuse for being late, the Daily Telegraph reports citing a leaked internal memo from the government department, to [...]
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 [...]