Data suggests foreign firms are responsible for almost a third of underpaid tax January 31, 2022 New analysis released today has revealed that foreign companies are responsible for almost a third of underpaid tax in the UK according to HMRC, with large US-owned businesses making up the highest percentage.
‘Tax-cutting Conservatives’ Boris Johnson and Rishi Sunak confirm tax rise is going ahead January 30, 2022 The Prime Minister and Chancellor have doubled down on a controversial planned tax hike to boost health funding, after it was reported that Boris Johnson was “wobbling” on the policy. The PM is under pressure from some Conservative MPs to scrap or at least delay the national insurance increase to win back support as he [...]
PM mulls tax hike U-turn as govt awaits Sue Gray’s report: ‘Boris would now do anything to survive’ January 28, 2022 While questions loom over the future of Boris Johnson’s premiership in light of an official inquiry into partygate allegations, the prime minister is reportedly wavering on controversial plans to raise national insurance. The PM is under pressure from some Tory MPs to scrap the tax hike to win back support as he awaits the findings [...]
National insurance hike completely unnecessary says Brexit veteran Lord Frost as Tory calls to drop £12bn tax increase swell January 25, 2022 Lord Frost has urged Boris Johnson and Rishi Sunak not to raise taxes in April as cost-of-living is set to increase for most Brits. The Prime Minister’s former Brexit chief joined the growing number of senior Conservatives to call for the planned national insurance hike to be scrapped. The former Brexit Minister – who resigned [...]
The future of tax in the UK, an expert view January 18, 2022 | City Talk This article first appeared in ICAS’ CA magazine. Young businesses have the potential to drive post-pandemic recovery – but is the UK’s ageing tax system a help or a hindrance to entrepreneurs? Fraser Allen asks four experts to share their thoughts Earlier this year, the Institute for Fiscal Studies published a blunt assessment of the way [...]
Crackdown launched on second home owners who pretend to let properties out to holidaymakers to save tax January 15, 2022 The government is proposing strict new measures to crack down on second home owners who pretend to let their properties out to holidaymakers to save on taxes as they will be forced to pay more under the proposals. The Department for Levelling Up, Housing and Communities (DLUHC) is moving to close a loophole in the [...]
Tory tax revolt: Rees-Mogg comes out against Rishi Sunak’s planned national insurance hike January 6, 2022 Chancellor Rishi Sunak is urged this morning by Commons Leader Jacob Rees-Mogg to ditch planned rises to national insurance. Rees-Mogg told Rishi Sunak at yesterday’s Cabinet meeting that the increase must be scrapped to stem the rising cost of living crisis engulfing the Government, according to the Daily Telegraph. The Prime Minister faced questions from [...]
Christmas in Canary Wharf: UK’s largest banks face £8.5bn HMRC bill with £35.8bn of tax under consideration December 22, 2021 Large banks face a potential £8.5bn tax liability from the UK tax authority, according to new figures obtained by Freedom of Information (FOI). The FOI to HM Revenue and Customs (HMRC), carried out by City law firm DLA Piper, showed that, at the end of March 2021, additional tax liability under investigation had increased by [...]
Tax disadvantage affecting Scottish partnerships to be removed December 8, 2021 | City Talk In 2020 ICAS called for a tax disadvantage affecting Scottish partnerships to be removed, so we were pleased to see the recent government announcement that the relevant legislation will be amended. What’s the problem? The UK capital gains tax regime allows a roll-over style relief for CGT where joint owners of land exchange their interests [...]
HMRC: We are ‘actively challenging’ multinationals on tax with additional £94bn raked in during last decade December 6, 2021 HMRC told City A.M. this afternoon that it is “very actively challenging” multinationals when it comes to tax as the taxman secured £94bn in additional revenue from large businesses in the last decade. HMRC was responding to claims that big businesses’ underpaid tax has risen by another £1bn in a year to £35.8bn, up from £34.8bn [...]