800,000 home workers have claimed up to £125 in tax relief since April June 29, 2021 Nearly 800,000 people who worked from home during the coronavirus pandemic have claimed tax relief on their household-related costs so far this tax year. HM Revenue and Customs (HMRC), which released the figures from its online claims portal, said the saving is worth up to £125 per year per employee. Eligible workers can claim the [...]
HMRC launches 13,000 investigations into potential Covid support scheme fraud June 28, 2021 The UK tax authority has opened almost 13,000 probes into businesses that may have abused the government’s coronavirus business support schemes. HM Revenue & Customs (HMRC) is investigating potential fraud and other non-compliance with the rules for the use of the government’s furlough programme, self employment income support scheme, and the “eat out to help [...]
Food tsar warns PM Johnson taxes on bangers and bacon could spark protests June 25, 2021 Boris Johnson’s food tsar Henry Dimbleby wants Brits to pay meat taxes to help tackle climate change but has warned of a potential backlash. Processed meats including burgers, bacon, chicken nuggets and ham could face a levy, according to a draft plan leaked to The Sun. Move could prompt backlash Henry Dimbleby is expected to [...]
Treasury planning ‘pensions raid’ to pay for pandemic costs June 21, 2021 The Treasury is looking at pensions taxation as one way to pay for the cost of the pandemic, although there are no plans to make changes to the triple lock. The Treasury is looking at three ways to change the ways in which pension contributions are taxed, the Telegraph first reported. Government is reportedly looking [...]
US investigates leaked records alleging billionaires including Musk and Bezos pay little tax June 9, 2021 The Treasury Department has asked authorities to investigate tax records cited in a media report that showed some of America’s richest people paid little to no income taxes. US media outlet ProPublica said it obtained a “vast trove of Internal Revenue Service data” on the tax returns of thousands of the nation’s wealthiest people, covering [...]
Sunak pushes for City of London exemption from G7 tax plan June 9, 2021 Chancellor Rishi Sunak is pushing for an exemption for the City of London from the G7’s recently agreed global tax plan. Sunak is looking for a deal for financial services, the Financial Times first reported, in wake of fears that global banks with head offices in London could be affected. Major banks are headquartered in [...]
Exclusive: More than half a million UK businesses file VAT returns late June 8, 2021 More than half a million VAT returns were filed late by British businesses last year, sparking concerns that many companies have been left exposed to interest payments and fines. A total of 519,120 VAT returns were filed after the deadline — up 13 per cent on the previous year — as the pandemic sparked chaos [...]
G7 leaders ink landmark global tech tax agreement June 5, 2021 The G7 has agreed a landmark deal to crack down on tax avoidance by major tech companies. The group of rich nations today committed to a global minimum corporation tax rate of at least 15 per cent on a country by country basis. “We commit to reaching an equitable solution on the allocation of taxing [...]
Explainer: What is the G7 global tax deal and what will it mean? June 5, 2021 Finance ministers from the Group of Seven (G7) rich nations reached a landmark accord today backing the creation of a global minimum corporate tax rate of at least 15 per cent, an agreement that could then form the basis of a worldwide deal. Such a deal aims to end what US treasury secretary Janet Yellen [...]
Sunak ‘confident’ of tech tax progress ahead of G7 finance meeting June 4, 2021 Chancellor Rishi Sunak has said he is “confident” of making “concrete progress” towards a global deal for taxing digital giants when the G7 finance ministers meet over the weekend. Taxing firms such as Amazon and Facebook has become an area of disagreement between the US and a number of other countries. Earlier this week the [...]