We were never going to have a great British bonfire of the tax system after Brexit August 15, 2023 We have neglected to reintroduce VAT-free shopping for foreign tourists, doubtless to squeals of delight from shopkeepers in Milan or Paris.
Entain looks at clawing back bonuses after Turkish bribery claims August 13, 2023 The company, which owns Ladbrokes, Coral and Sportingbet, plans to find out if it can recoup bonuses paid to former board members
Navigating a nudge on your crypto investments August 3, 2023 Danielle Ford and Riocard Hoye of Haysmacintyre walk through and navigate the pitfalls of crypto tax nudges from HMRC.
Uber chased by HMRC for extra £386m VAT August 2, 2023 HMRC is pursuing Uber for £386m extra in VAT, after paying £615m to resolve a tax dispute last year. In its results statement yesterday, Uber said that “UK tax authorities had disputed the amount and manner in which we were applying VAT to our UK business,” since the restructuring of its business model last March. [...]
Number of ‘Isa millionaires’ surges to more than 4,000 – triple from pre pandemic August 1, 2023 The number of “Isa millionaires” has surged to more than 4,000, according to HM Revenue & Customs (HMRC) figures. Some 4,070 savers were sitting on Isa pots worth more than £1 million, as of April 2021, according to the data, obtained following a freedom of information (FOI) request on behalf of financial services network the [...]
British businesses locked in disputes with HMRC over possible unpaid tax July 31, 2023 More than half of British mid-sized firms are locked in disputes with the taxman over potential unpaid tax, a sign of the troubles companies encounter when trying to navigate the UK’s complex web of levies. Some 61 per cent of 500 firms surveyed by consultancy BDO are embroiled in a tax dispute with HMRC. Tax [...]
Poor tax scrutiny has enabled abuse and fraud, MPs warn July 26, 2023 Poor scrutiny of the “complex” tax system has led to relief abuse and even fraud, an influential finance committee of MPs have warned. The Treasury Committee is calling for a systematic review into the cost of over a thousand forms of tax relief which they say are “complex, un-costed and exploited” in a new report. [...]
HMRC recovers a ‘remarkable’ £34bn from investigations into tax evasion and avoidance July 23, 2023 Investigations into tax evasion and avoidance have yielded £34bn in extra tax revenue over the past year, according to HMRC’s annual report. Although the total this year was higher than the £30.8bn gained last year, it was still lower than the £36bn targeted by HMRC. Tax evasion, which is illegal, is when someone conceals information [...]
Some civil servants work from home 60 per cent of the week, new data shows July 20, 2023 Civil servants working on supporting the UK’s businesses were at their desks for just 40 per cent of the second week in July, government figures have revealed. Staff at the former Business, Energy and Industrial Strategy (BEIS) department came into the office for two fifths of the time during the week beginning Monday 10 July, [...]
Picture is ‘bleak’ for business as insolvencies rise again in June July 18, 2023 Insolvencies increased again in June as businesses continued to struggle under the weight of rising costs and falling customer demand. According to new figures from the Insolvency Service, there were 2,163 insolvencies in June. Although this was down on last month’s record figure of just over 2,500, it was still 27 per cent higher than [...]