HMRC in crackdown on tax return mistakes as taxman hands out 80 per cent more penalties July 20, 2022 HMRC handed out 80 per cent more penalties for careless errors made by taxpayers in their tax returns last year, with 89,317 penalties issued in 2021/22, up from 49,701 the previous year. Some of the penalties issued for ‘careless errors’ are likely to be for mistakes made in returns filed during the pandemic. While the [...]
HMRC takes tougher stance towards tax evasion following Covid and war in Ukraine July 19, 2022 The UK government is taking an increasingly tough stance towards tax evaders, according to new analysis from Pinsent Mason, in a sign HMRC is taking an increasingly tough stance towards tax evaders in its efforts to balance the UK’s books, lawyers have said. The number of individual taxpayers charged with tax evasion jumped 11 per [...]
Unpaid crypto tax surged by 432 per cent from last year, HMRC says July 18, 2022 The amount of unpaid tax that rich crypto investors owed on their investments soared by 432 per cent from last year, according to HMRC. Data by law firm Pinsent Masons today said that HMRC identified £2.28m in suspected underpaid tax concerning crypto assets in 2021-2022, a substantial increase from £428,000 the previous year. Steven Porter, [...]
MOD awards £55m contract to Titanic shipyard Harland & Wolff July 14, 2022 The Ministry of Defence (MOD) has awarded a £55m contract to a shipyard in Devon operated by Harland & Wolff, the Belfast group famous for building the Titanic. The company said this was a “watershed moment,” the Telegraph first reported. As part of the contract, the shipyard will refurbish an old Royal Navy mine hunter, [...]
Letters: Time for a crackdown July 13, 2022 [Re: Former F1 boss Bernie Ecclestone charged with fraud by the CPS over failure to declare £400m assets, June 11] It is noteworthy that HMRC is pursuing a criminal prosecution against Bernie Ecclestone in relation to his alleged tax evasion. HMRC prosecutes in only a minority of tax fraud cases, even though increasing international co-operation [...]
Former F1 boss Bernie Ecclestone charged with fraud by the CPS over failure to declare £400m assets July 11, 2022 Former F1 racing boss Bernie Ecclestone has been charged with fraud by the Crown Prosecution service over £400m of assets he failed to declare. The 91-year-old businessman was accused of the crime by false representation, with the CPS saying it authorised the charge after reviewing evidence from HMRC. It was made “in respect of his [...]
£134bn: Biggest rise in tax receipts since 2000 gives chancellor room to make cuts July 11, 2022 The new chancellor of the exchequer may have leeway for tax cuts, after a £134bn spike in so-called ‘stealth ‘ taxes. There was the biggest increase in receipts since the turn of the century over the last 12 months, up to £718bn, representing a 23 per cent increase on the previous year. The rise from [...]
Nadhim Zahawi: ‘I don’t know how rich I am’ July 11, 2022 Tory leadership hopeful Nadhim Zahawi was unable to say how rich he is, but insisted he and his family have never used offshore firms to avoid tax. The Iraqi-born politician who is one of 11 candidates in the race made his comments during an interview with Sky News, as he committed to publish his tax [...]
£330 pay boost for 30m Brits as National Insurance threshold will rise to £12,570 from tomorrow July 5, 2022 Millions of Brits will get a modest boost in their pay packets this month as they grapple with surging living costs, because – from tomorrow – the threshold at which people pay National Insurance (NI) will increase. The UK Government has previously said this will benefit nearly 30m working people with a typical employee saving [...]
After Eamon Holmes, Gary Lineker and Lorraine Kelly, Sky Sports star Alan Parry hit with £356k tax bill: ‘Who will HMRC target next?’ July 5, 2022 Sky Sports presenter, Alan Parry, has had his appeal against a £356,420.37 IR35 tax bill dismissed at a First-Tier Tax Tribunal hearing. Parry was contesting that the contracts his limited company, Alan Parry Productions Limited, held with BSkyB between tax years 2013/14 to 2018/19 reflected an employment relationship, rather than self-employment. But due to the Judge [...]