HMRC doubles down on undeclared foreign income crackdown March 7, 2020 HM Revenue & Customs has doubled down on its campaign against taxpayers with undeclared foreign income. Thousands of UK taxpayers have received letters in the last fortnight urging them to review foreign assets and bank accounts, and warning false declarations could lead to prosecution. It follows a trend that started last year as thousands of [...]
Flybe collapse: Virgin Atlantic refused to put more cash into beleaguered airline March 5, 2020 Virgin Atlantic refused to put any more money into collapsed regional airline Flybe due to the effect of the coronavirus outbreak on its own bookings. In a witness statement filed by Mark Anderson, chief executive of Flybe owner Connect Airways, first reported by Sky News, Virgin Atlantic had told the airline on Tuesday evening that [...]
EY strengthens tax controversy and risk management team with five key appointments March 3, 2020 EY has announced the arrival of five key appointments to its tax controversy and risk management team, expanding its tax litigation and corporate crime service offerings to clients. The new arrivals are all practicing solicitors. James Wilson, EY Partner and head of the Tax Controversy and Risk Management team comments: “We’re delighted to welcome these [...]
Chancellor Rishi Sunak needs to step back and rethink IR35 February 27, 2020 When Philip Hammond announced in 2018 that IR35 would be extended to the private sector, he heralded it as a move that would “open a new chapter in our country’s economic future”. But fast-forward two years, and the new chancellor, Rishi Sunak, is still facing a huge headache over the tax legislation changes, effective from [...]
IR35: Government confirms ‘light touch’ tax rollout February 27, 2020 People will not have to pay penalties for IR35 errors in the first year of the tax changes, as the government confirmed a “light touch” approach today. The government has published its review into the tax changes after announcing it would look into IR35 following concerns from business. HMRC said: “Customers will not have to [...]
Internet research boosts pay as Londoners turn to online learning February 26, 2020 Internet research drives as much as 10 per cent of the UK’s economic output, new figures have revealed, as proactive Londoners use online resources to learn new skills and boost their efficiency. More than 80 per cent of the capital’s workforce use online learning to help with work at least once a month, while 70 [...]
This Morning star Eamonn Holmes faces hefty bill after losing IR35 tax case February 25, 2020 Veteran TV presenter Eamonn Holmes could be facing a hefty tax bill after losing a case against HMRC over his employment status. Holmes, who hosts ITV’s This Morning, had argued he was a freelancer as he received payments from the broadcaster through his company Red, White and Green Limited. However, a judge ruled that the [...]
Chancellor Rishi Sunak bows to industry pressure on IR35 changes February 24, 2020 Chancellor Rishi Sunak has bowed to industry pressure over IR35 tax changes by promising enforcement will not be “heavy-handed”. The IR35 measures were implemented in order to prevent tax avoidance by “disguised employees”, contractors with permanent positions at companies without paying the same tax or national insurance contribution as standard employees. Under the latest reforms [...]
HMRC sets up secret unit to probe inheritance tax avoidance February 22, 2020 HM Revenue & Customs has implemented a secret unit to investigate the use of family investment companies (FIC) by the very wealthy to avoid paying inheritance tax. It puts family offices with a combined total of more than $1tn in assets within its sights. The tax authority set up the team in April last year [...]
DEBATE: Should the new chancellor suspend the IR35 tax regulation changes? February 18, 2020 Should the new chancellor suspend the IR35 tax regulation changes? Alasdair Hutchison, policy development manager at IPSE, says YES. We should be building a vibrant and competitive economy after Brexit, not making it harder to do business or under-mining our flexible labour market, one of the UK’s main competitive advantages. Businesses are simply not prepared [...]