Sportech share price slumps as HMRC seeks £93m in back taxes after Spot the Ball game debacle September 16, 2014 Sportech is told to give HMRC £93m in back taxes after its Spot the Ball game was ruled as a game of skill not chance. International gaming group Sportech was told yesterday that it must pay back £93m in tax after HM Revenue & Customs (HMRC) won its appeal against a VAT overpayment. The Liverpool-based [...]
Taxman’s revolution: HMRC is setting the pace in digital government reform September 8, 2014 JUST like innovative private sector organisations, the government, as a provider of services to the nation’s citizens, needs to reflect and respond to the changing demands of those it serves. This is especially relevant to Her Majesty’s Revenue and Customs (HMRC), which must provide effective, efficient and impartial services to its 41m individual and 5m [...]
Banks warn that HMRC won’t protect most vulnerable in tax grab plan August 16, 2014 The head of the British Bankers' Association (BBA) has sent a letter to chancellor George Osbourne, warning him that British banks do not believe HM Revenue & Customs can be trusted to fairly and safely take money out of tax payers' bank accounts. Controversial proposals outlined by the chancellor during his budget speech in [...]
Inheritance tax to be targeted in HMRC crackdown August 10, 2014 Her Majesty's Revenue and Customs (HMRC) is getting ready to crack down on voidance schemes targetting inheritance tax. As it becomes more difficult to plan for other types of tax, the HMRC is looking to make sure that substantial amounts of taxable inheritance aren't slipping through the cracks. The rules regarding the disclosure of inheritance [...]
HMRC denies new pay up front powers will cause bankruptcies July 2, 2014 HMRC yesterday dismissed claims that its proposed new powers to force firms and individuals to pay up front any disputed tax associated with a “tax avoidance” scheme will spark a rash of insolvencies. Accountancy firms have claimed that as many as 10,000 businesses could be affected by the accelerated payment notices, which are part of [...]
HMRC not doing enough to tax big businesses December 18, 2013 THE PUBLIC accounts committee has accused HM Revenue and Customs of failing to pursue big businesses for tax payments, resulting in a £35bn tax gap between what is expected to be collected and what actually comes in to government coffers. Chair of the committee Margaret Hodge MP highlighted further flaws in the way this figure is [...]
Hargreaves Lansdown’s HMRC tax showdown September 9, 2013 FTSE 100 fund platform Hargreaves Lansdown laid down the gauntlet to tax collectors yesterday after launching a legal challenge on the taxation of fund cash back rebates. The Bristol-based firm, currently one of the country’s best performing companies, said it will challenge a discount tax introduced by HMRC on payments made to its customers. [...]