Businesses support changing the tax year dates August 17, 2021 A poll has found that 91 per cent of medium sized firms support simplifying the tax system by changing the end of the tax year to December 31. The survey, conducted by international accounting firm BDO, found that businesses overwhelmingly believe that the time is right to align the tax date with the end to [...]
Football clubs, players and agents increasingly on HMRC’s radar August 16, 2021 HMRC tax investigators are targeting football clubs for £45m in tax they have underpaid, City A.M. can reveal today. According to data provided by HMRC to accountancy firm UHY Hacker Young and shared with this newspaper today, HMRC has uncovered £5.8m in tax owed by players and £4.8m owed by agents in the last year. [...]
Taxman intensifies crackdown on footballers and agents August 16, 2021 The taxman is intensifying its crackdown on footballers as it pushes to clawback money from an industry that is swelling with unpaid tax, reveal fresh figures released today. HMRC is targeting football clubs for £45m in underpaid tax, according to national accountancy group UHY Hacker Young. The taxman probed 93 football players over the last [...]
Selling a rental property or second home? HMRC provides some answers on its UK Property Reporting Service August 11, 2021 | City Talk HMRC’s UK Property Reporting service is used to report gains on disposals of UK residential property to HMRC. It has suffered from problems since its introduction – HMRC has recently issued guidance to address issues raised by ICAS and other professional bodies. HMRC’s UK Property Reporting service Gains on disposals of residential property in the [...]
HMRC revenue from Capital Gains Tax jumps fourfold as businesses sell off assets August 6, 2021 The government has collected almost £10bn from capital gains tax (CGT), a fourfold increase compared to a decade earlier. New HMRC data shows the taxman collected £9.94bn in the 2019-2020 tax year a sizeable jump from the £2.55bn sum taken for the year ending in April 2009. Over 28 per cent of CGT came from [...]
Swedish drinks firm Kopparberg sues HMRC over tax loophole July 26, 2021 Swedish cider maker Kopparberg has filed a High Court claim against HM Revenue and Customs over allegations of unlawful tax discrimination. The popular booze brand argues that the UK applied excessive duties on imported alcoholic ciders by allowing domestic producers to dilute their products to avoid taxes. The tax loophole, known as post duty point [...]
Exclusive: Sharp drop in fines against finance directors as HMRC has ‘bigger fish to fry’ July 20, 2021 The number of penalties issued personally to finance directors at large businesses by HMRC has dropped from 148 to just 20 in a year, according to new data, shared with City A.M. today. Law firm Pinsent Masons said that much of the fall in the number of fines against finance directors is due to HMRC [...]
Ireland holds position against global corporate tax deal July 16, 2021 Ireland said it is pushing to keep its lower tax rates, denying a report that the country would abandon its 12.5 per cent rate for the proposed global rate of 15 per cent. The country’s finance minister, Paschal Donohoe, told RTE yesterday he was “committed” to maintaining his country’s low tax rate as it has [...]
EU puts tech tax on hold, amid US pressure – but Ireland pushes back July 12, 2021 The EU has decided to delay plans for a new digital services tax, under pressure from the US administration and after the G20 agreed to a global overhaul of corporation tax – but EU member Ireland has restated its criticisms of the wider reform. The European Commission had planned to outline its proposed tech tax [...]
Exclusive: Businesses overpaying corporation tax up by 26 per cent to record £11.5bn July 12, 2021 Businesses claimed back a record £11.5bn in overpaid corporation tax from HMRC last year, a jump of 26 per cent from £9.1bn the year before, according to data by accountancy firm UHY Hacker Young, shared with City A.M. this afternoon. The firm stressed it is “extremely likely” that these refunds are merely “the tip of [...]