Landlords warned about undeclared rental income but HMRC denies report of ‘clampdown’ October 31, 2022 A leading chartered accountant has warned landlords about paying undeclared rental income, but HMRC has denied there is a ‘clampdown’ on the issue. Almost 60,000 disclosures have been made to HMRC, including £250m in unpaid taxes, since the UK launched a scheme in 2013. The Let Property Campaign allows landlords to declare unpaid tax in [...]
Tax authorities arrest eight people over alleged attacks on R&D incentives October 31, 2022 Tax authorities have arrested eight people over alleged “organised criminal attacks” on tax breaks for those carrying out research and development. The individuals are alleged to have set up more than 100 fake claims worth more than £16m, under the £7.4bn scheme which is designed to incentivize innovation by providing tax breaks for R&D, according [...]
The taxing questions over your crypto assets October 24, 2022 As HMRC continues to update its guidance on the taxation of crypto assets, CMS Law explains the current state of play.
MPs call for crackdown on advisors enabling tax avoidance schemes October 24, 2022 A group of cross-party MPs have called on the UK government to begin cracking down on the accountants and financial advisors that facilitate tax avoidance schemes. In a new report, the all-party parliamentary group (APPG) on anti-corruption and responsible tax called for the UK’s tax system to be overhauled, to boost growth, increase tax revenues, [...]
UK is now the largest crypto economy in Europe October 20, 2022 The UK received a whopping $233 billion in raw transaction value of cryptocurrency in one year, according to an official report.
Whistleblowing employees surge in tax fraud cases reported to HMRC October 17, 2022 Employees’ reports to HMRC over employers’ suspected tax evasion and fraud have increased by 11 per cent in the last year. Figures from HMRC have shown that over the past two years whistleblower accusations have almost doubled, from 8,900 in 2019/2020 to 15,100 in 2021/2022. Experts believe the increase is attributable to soaring numbers of [...]
The Electronic Trade Documents Bill – one of the most important Bills you’ve never heard of October 12, 2022 Today, in the House of Lords, Lord Holmes witnessed the Government introduce an incredibly important piece of legislation.
Former Wasps chief executive interested in bid for club October 9, 2022 Financially troubled Premiership rugby club Wasps could be taken over by a bid headed by former chief executive David Armstrong. The club, who moved to Coventry from High Wycombe in 2014, are facing money woes in relation to tax owed to HMRC, bond repayments and other debt. Sources close to the auction of the club [...]
Tax credit experts Adsum: Firms can’t wait for Truss to solve problems – pursuing digital transformation is key October 7, 2022 With Liz Truss’ government looking to kickstart the economy through low taxes and deregulation, City A.M. sat down with the head of a fintech tax credit specialist, to find out how businesses can overcome challenges. Co-Founder and Director at Adsum, Freddie Digby, spoke at length about the challenges facing UK businesses at present, and while [...]
Worcester Warriors: Departures confirmed as club crisis continues October 3, 2022 The crisis gripping Worcester Warriors has begun to bite after the top-flight rugby club had two fixtures cancelled by Premiership Rugby and saw the beginning of a possible player exodus. On Monday morning the financially stricken club were informed that their previously postponed match against Gloucester Rugby and their upcoming game against Harlequins have both [...]