Exclusive: 832,000 businesses face fines and missed VAT returns as new digital tax deadline is today November 1, 2022 UK VAT registered businesses who are yet to sign up for the so-called Making Tax Digital (MTD) by today will fall foul to non-compliance, penalties and an inability to file their VAT returns. The amount of businesses facing a default surcharge penalty is expected to significantly increase in November as a result of businesses being [...]
EY revenues hit record highs as partners prepare to vote on global split November 1, 2022 EY’s UK business today posted record revenues of more than £3.2bn as partners at the Big Four firm prepare to vote on plans for a global split. The UK business’ revenues increased 17.2 per cent as the accountancy firm’s fee incomes were bolstered by a 33 per cent uptick in consulting revenues. A 15 per [...]
Landlords warned about undeclared rental income but HMRC denies report of ‘clampdown’ October 31, 2022 A leading chartered accountant has warned landlords about paying undeclared rental income, but HMRC has denied there is a ‘clampdown’ on the issue. Almost 60,000 disclosures have been made to HMRC, including £250m in unpaid taxes, since the UK launched a scheme in 2013. The Let Property Campaign allows landlords to declare unpaid tax in [...]
Tax authorities arrest eight people over alleged attacks on R&D incentives October 31, 2022 Tax authorities have arrested eight people over alleged “organised criminal attacks” on tax breaks for those carrying out research and development. The individuals are alleged to have set up more than 100 fake claims worth more than £16m, under the £7.4bn scheme which is designed to incentivize innovation by providing tax breaks for R&D, according [...]
Collapse of landmark tax deal could result in trade wars, OECD tax chief warns October 31, 2022 The US and Europe risk reigniting trade wars and losing hundreds of billions in tax revenue if they fail to implement the major global tax deal agreed to last year, the OECD’s departing tax chief has warned. The landmark tax deal, which ensure major multinational corporations with annual revenues of more than €750m (£643m) are [...]
Credit Suisse pays £208m to settle French probe October 24, 2022 Credit Suisse has agreed to pay France €238m (£208m) to settle a tax fraud and money laundering probe brought against it by the country’s economic crime agency. The embattled financier said in a statement it had reached a settlement with France’s Parquet National Financier (PNF) financial crime unit to resolve a “legacy matter” relating to [...]
MPs call for crackdown on advisors enabling tax avoidance schemes October 24, 2022 A group of cross-party MPs have called on the UK government to begin cracking down on the accountants and financial advisors that facilitate tax avoidance schemes. In a new report, the all-party parliamentary group (APPG) on anti-corruption and responsible tax called for the UK’s tax system to be overhauled, to boost growth, increase tax revenues, [...]
Tax credit experts Adsum: Firms can’t wait for Truss to solve problems – pursuing digital transformation is key October 7, 2022 With Liz Truss’ government looking to kickstart the economy through low taxes and deregulation, City A.M. sat down with the head of a fintech tax credit specialist, to find out how businesses can overcome challenges. Co-Founder and Director at Adsum, Freddie Digby, spoke at length about the challenges facing UK businesses at present, and while [...]
Truss ‘giving with one hand and taking with other’ through stealth taxes, IFS says October 6, 2022 Liz Truss is “giving with one hand and taking with the other” by keeping stealth taxes, a new study out today reveals. Some £2 for every £1 returned to Brits in the prime minister and chancellor Kwasi Kwarteng’s tax cutting mini-budget will be lost to “fiscal drag,” the Institute for Fiscal Studies (IFS) said today. [...]
From Poll Tax to tampons and 10p rates: Historic U-turns that left governments red faced October 4, 2022 Kwasi Kwarteng was forced into a U-turn on plans to scrap the 45p tax rate yesterday, just ten days after announcing the proposal in his ‘mini-budget’. While undoubtedly embarrassing for the new Chancellor, he is by no means alone in having to rapidly rethink big Budget announcements. City A.M. caught up with AJ Bell head [...]