The City’s Purple Pay called out by HMRC for promoting tax avoidance April 7, 2022 The City’s Purple Pay has been named and shamed by HM Revenue and Customs (HMRC) for promoting tax avoidance schemes. The taxman has revealed the names of companies which have promoted schemes to avoid paying tax for the first time today, warning users that they could face “large tax bills” unless they withdraw from them. [...]
Is the taxman coming for your digital assets? April 4, 2022 John Hood of Moore Kingston Smith examines the HMRC's closer scrutiny of crypto assets and the OECD's framework.
Exclusive: HMRC to crack down on cabbies and taxi drivers with new tax checks before licence renewal April 4, 2022 HMRC is launching a crackdown on taxi drivers, mini cab drivers and scrap metal merchants from April, with the introduction of new tax evasion checks, City A.M. has been told. The introduction of a number of new tax evasion checks will allow HMRC to further scrutinise workers in what it sees as ‘high risk’ sectors [...]
Letters: Digital VAT can be an opportunity April 4, 2022 [Re: Digitalisation of VAT for small businesses, April 1] The next phase of Making Tax Digital (MTD) for VAT came into force on Friday, and it’s fair to say that not every small business will have welcomed it with open arms. Already facing a laundry list of challenges, they now need to comply with HMRC’s [...]
On HMRC’s radar: Number of ‘nudge’ letters for offshore income or gains shoots up to nearly 177,000 March 28, 2022 Information obtained from HM Revenue & Customs (HMRC) reveals that HMRC has to date issued nearly 177,000 so-called “nudge” letters in respect of offshore income or gains since they started the practice with less than a thousand in the 2016/17 tax year. This is thought to be the first time that HMRC has released public [...]
Weekend Read: HMRC launches more than 1,000 new probes every single day in attempt to recoup lost pandemic revenue March 26, 2022 HMRC has launched 137,000 tax investigations in the six months to December 2021, up 9 per cent from the 126,000 investigations in the same period last year, according to new data shared with City A.M. today. This amounts to the Revenue opening 1,062 tax investigations per day. HMRC is ramping up its compliance activity as [...]
Sunak wants to be a low-tax Tory but instead he’s following the US and picking winners March 25, 2022 When Frank Sinatra first uttered the words “the best is yet to come”, the UK’s fiscal strategy probably couldn’t have been further from his mind. But the words ring true after a spring statement that did little to make life any easier for those of us who make a living trying to read the Chancellor’s [...]
BEIS splashes £30m on data scientists March 23, 2022 The Department for Business, Energy and Industrial Strategy has more than quadrupled the number of data analysts and data scientists it employs, with a 408 per cent increase in expenditure since 2017, according to official figures. The data was obtained via the Freedom of Information (FOI) Act and analysed by the Parliament Street think tank [...]
Wildwood restaurant owner Tasty remains ‘cautiously optimistic’ amid ongoing labour shortages and inflation woes March 23, 2022 Wildwood restaurant owner Tasty reported a 44 per cent revenue boost to £34.9m this morning, despite obstacles in re-opening stores.
Home transactions up with market for pricey properties booming compared to pre-Covid levels March 22, 2022 Property transactions hit 96,250 last month, with big spenders buying more than before the pandemic. Transactions were up 15 per cent in February, compared to 83,450 in January, according to HMRC’s latest data on home transactions. Total sales for the first two months of the year stand at 179,900, some 18 per cent lower than [...]