HMRC action yields £0 in half of all tax probes but taxman hits back: ‘We are not driven solely by money’ March 8, 2022 HMRC investigations into individuals and small businesses last year yielded no returns in nearly half of of all cases, according to new research shared with City A.M. this afternoon. The proportion of investigations which returned no money to the Treasury has risen by over a third, to 47 per cent last year up from 31 [...]
Exclusive: Tax probe yields hit staggering £30bn as HMRC fights to recoup lost Covid revenues March 5, 2022 The total revenue HMRC generated from tax investigations and other compliance activity has risen to £30.8bn in 2021, up from £28bn in 2020 as it looks to pursue tax lost to evasion or avoidance during the pandemic, lawyers have told City A.M. this morning. HMRC had to suspend some tax investigations work for part of [...]
HMRC’s average take from investigation into small businesses and individuals rises to £18,400 February 23, 2022 HMRC has increased its take from investigations into individuals and small businesses to an average of £18,400 per investigation, up from £17,500 last year, according to new data shared with City A.M. this morning. HMRC is looking to extract as much as they can from investigations as they seek to make up for revenue lost [...]
£13bn in a year: Entrepreneurs selling businesses and assets cause capital gains tax bills to jump 20 per cent February 22, 2022 The UK’s Capital Gains Tax bills jumped 20 per cent from £10.8bn to a record high of £12.9bn in the past year, according to new research shared with City A.M. this afternoon. The increase is primarily due to a rise in tax on entrepreneurs selling businesses causing The value of capital gains in the UK [...]
HMRC rakes in £50bn thanks to new business taxes February 21, 2022 New research released today has revealed that HMRC has collected more than £50bn from firms in the last decade thanks to eight new business taxes. According to data from Thomson Reuters, in the past year alone, eight new taxes raised a total of £7.2bn from businesses, including £300m from its newest tax, the Soft Drinks [...]
Workers in these sectors could be owed thousands from HMRC as cost of living set to spiral February 15, 2022 With the cost of living set to spiral, research by tax refund experts, accountants have told City A.M. this morning many UK workers are unaware of the thousands of pounds they could be owed via a tax refund, particularly those working within construction, security, in offshore oil and gas or within the armed forces. It’s shaping [...]
Exclusive: Business tax reliefs jump to record £94bn as number of available reliefs grows to 57 February 14, 2022 The value of tax reliefs claimed by UK businesses reached a record £93.7bn last year, up another 5 per cent from the £89.3bn claimed the year before, according to new data shared exclusively with City A.M. today. The growth in the value of business tax reliefs claimed has been driven by the rise in the number [...]
Covid fraud fiasco widens as plans to recover £6bn are slammed as ‘soft HMRC is rewarding the unscrupulous’ February 14, 2022 In a report published late on Friday, Parliament’s cross party Public Accounts Committee says “HMRC’s unambitious plans” for recovering a total of £6bn it estimates it spent incorrectly in Covid-19 support payments – whether through fraud or mistakes – could lead to government writing off billions of pounds in taxpayers’ money. The PAC said this “risks rewarding the [...]
London suburb of Harrow emerges as unexpected hotspot for tax avoidance February 7, 2022 The London suburb of Harrow has been revealed as the unexpected centre of tax avoidance in the UK with 346 taxpayers coming forward to admit tax avoidance last year, placing it first out of 120 areas of the UK. In fact, The number of people admitting to tax avoidance in Harrow has jumped 280 per [...]
Windfall tax looming: BP may end up in firing line if it reports expected 30-fold increase in profits February 7, 2022 Oil giant British Petroleum could end up in the firing line when it reports this week what analysts expect might be a more than 30-fold increase in its profit in the closing months of last year. The oil giant is expected to report an underlying replacement cost profit – its preferred measure – of around [...]