Brexit onslaught deepens as a third of all UK exporters to EU vanish due to red tape knockout September 15, 2022 The number of UK businesses exporting goods to the EU fell 33 per cent to 18,357 in 2021, from 27,321 in 2020, according to data from HMRC. Discussing the figures with City A.M., Michelle Dale, a senior manager at accountancy firm UHY Hacker Young, pointed out the fall is due to the extra red tape [...]
OnlyFans should fork out more UK VAT for its subscribers, EU advises September 15, 2022 OnlyFans has been told by EU court advisors that it may need to fork out VAT on the full amount paid by subscribers, not just a discounted sum. OnlyFans’ parent firm Fenix took an initial grievance about VAT to a UK tribunal after HRMC ordered the UK based firm to pay VAT on all the [...]
City Moves: Who’s switching jobs in the Square Mile this week? September 13, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Kantar Data insights company Kantar has appointed a managing partner to lead its consultancy practice. Natalie Vander Vorst is set to lead the 150-person strong practice, which advises brands on commercial and marketing strategies. Over her career, [...]
Could the Ethereum ‘Merge’ leave you facing a tax bill? September 12, 2022 Tony Dhanjal, Head of Tax at Koinly, analyses the Ethereum 'Merge' to see if investors could be stung with a tax bill.
HMRC calls on collapsed bank’s UK customers to hand over tax information September 7, 2022 HM Revenues and Customs has called on Euro Pacific Bank’s British customers to hand over information about their tax affairs, following the launch of a tax evasion probe into the Puerto Rican bank. The UK taxman called on the around 600 people in the UK who used Euro Pacific Banks services to come forward after [...]
Brits benefit from £27bn in tax relief incentives but warned trend is slowing September 7, 2022 Brits benefited form tax incentives to the tune of £27bn last year, but a warning has been aired about the trend slowing. Numerous schemes are available to savers and investors, with the biggest gains being income tax relief on pension contributions, at a staggering £22.5bn, while relief on ISAs reached £3.7bn. However, the figures from [...]
Britain is being failed by a lumbering digital state September 5, 2022 If you’re struggling to heat your home, how would you feel if you just missed out on £1,467 because of a computer glitch? In May this year, Rishi Sunak was blocked from raising benefits in line with inflation. The culprit? A 40-year-old IT system unable to process more than one benefit rise a year. Ineffective [...]
Art dealers and letting agents drive uptick in anti-money laundering registrations September 1, 2022 Art dealers, letting agents, and estate agents are driving an uptick in the number of UK businesses registering for anti-money laundering (AML) supervision with HMRC. The total number of businesses signing up to HMRC’s AML register increased 0.9 per cent from the financial year 2020-21 to 2021-22, analysis of public available data by AML verification [...]
Boohoo charged by HMRC over recycled polybag certification August 31, 2022 The taxman has charged Boohoo Group over a lack of certification for its recycled polybag content. The fashion brand wrote to product suppliers last week saying the charge would be passed on unless they met certain conditions, according to Drapers. Boohoo was accused by HMRC of breaching recently introduced rules about plastic packaging, meaning items [...]
Get a complimentary review of your research and development tax credit process August 31, 2022 HMRC has recently announced a set of changes to its research and development (R&D) tax credit scheme, which will be implemented for accounting periods starting on or after 1 April 2023, and will involve inclusion of modern computing methods, focusing on UK innovation, tackling abuse and improving compliance. It’s now more important than ever that [...]