Brexit: Large UK corporations suspected of underpaying more than £25m in taxes August 30, 2022 Large UK corporations have been suspected of underpaying £25.3m in post-Brexit import duties from the EU. Research from multinational law firm Pinsent Masons showed that the amount of taxes under consideration by the HMRC has increased by 97.5 per cent in the year ended 5 April, going up from £620,000 in 2021. “The amount of [...]
Takeaway sector pleas for support this winter to tackle soaring energy bills August 29, 2022 Hundreds of independent takeaway owners have urged the Government to offer more support to tackle skyrocketing energy bills.
UK house sales up a third as mortgage rates rises spur movers August 23, 2022 Home sales in July were more than a third higher than in the same month last year, making it the most active month in 2022, according to the latest figures from HM Revenue & Customs (HMRC) today. Residential deals hit 110,970 in July, some seven per cent higher than June of this year. However, HMRC cautioned that [...]
Warriors’ land deals could be overturned if they enter administration August 23, 2022 Unexplained land deals undertaken by the owners of Worcester Warriors could be investigated and ultimately overturned if the Premiership rugby club goes into administration. The West Midlands club’s hierarchy have confirmed talks with HMRC after receiving a winding-up petition over unpaid tax, amid fears that a team who finished 11th last season could go into [...]
Bernie Ecclestone denies fraud over £400m in Singapore trust August 22, 2022 Press Association Former Formula One boss Bernie Ecclestone has denied fraud over an alleged failure to declare to the Government more than £400 million in a trust in Singapore. The 91-year-old was charged after a probe by HM Revenue and Customs (HMRC), which would have allowed the business magnate to draw a line under any [...]
Company Voluntary Agreements plunge as taxman tightens debt recovery rules August 22, 2022 The number of struggling firms striking Company Voluntary Arrangements (CVAs) with creditors has plunged 47 per cent in the past year after tax authorities tightened the way they can reclaim debts, new data has revealed.
EXCLUSIVE: Number of firms fined for deliberate corporation tax misinformation hits four-year high August 22, 2022 The number of businesses fined by HMRC for deliberately obscuring their corporation tax affairs has climbed to its highest level in four years, exclusive figures obtained by City A.M. reveal. The tax man last year penalised 62 firms for purposefully sending incorrect information to possibly slash the amount of corporation tax they pay, up 35 [...]
Worcester woes suggest wider issues for rugby as a whole August 22, 2022 Rugby union has never been the cash cow that football has developed into and this week we could be seeing the latest club enter administration following a series of financial woes. It is expected, according to multiple reports, that west midlands Premiership club Worcester Warriors could suffer that fate later today following a winding-up petition [...]
Organised crime gangs defrauded £367m from Covid support schemes August 22, 2022 Almost £400m was stolen from the UK government’s Covid support schemes by organised crime gangs, according to new figures released by Whitehall. Figures released by HM Revenue and Customs, after a Freedom of Information request by law firm Pinsent Masons, showed £367m was stolen from initiatives like the furlough scheme and Eat to Help Out. [...]
Less than 62,000 of UK’s one million trusts registered with HMRC just two weeks before deadline August 19, 2022 Only a tiny proportion of those who own non-taxable trusts have registered them with HM Revenues and Customs’ (HMRC’s) Trust Registration Service (TRS), just weeks before the deadline on 1 September. A total of 61,700 of the UK’s estimated one million trusts were registered with the HMRC service in the first six months of 2022, [...]