HMRC launches 13,000 investigations into potential Covid support scheme fraud June 28, 2021 The UK tax authority has opened almost 13,000 probes into businesses that may have abused the government’s coronavirus business support schemes. HM Revenue & Customs (HMRC) is investigating potential fraud and other non-compliance with the rules for the use of the government’s furlough programme, self employment income support scheme, and the “eat out to help [...]
HMRC will take ‘cautious approach’ with pandemic-torn UK businesses June 22, 2021 The UK business secretary has promised HMRC will take a “cautious approach” with companies that are grappling with post-pandemic debt. Kwasi Kwarteng wrote a letter to business groups this week that assured them the taxman would adopt “a cautious approach to enforcement of debt owed to government that will have accrued,” the Financial Times first [...]
UK businesses pay £1bn of furlough money back to the Treasury June 17, 2021 British firms have paid back the government more than £1bn in previously claimed furlough payments, after weathering the Covid recession successfully. A Freedom of Information request, sent by the Financial Times, revealed that £709m of money claimed through the coronavirus job retention scheme has now been repaid to HM Revenue and Customs by businesses. Another [...]
To notify or not to notify? The potential perils of uncertain tax treatments June 15, 2021 The Government is proposing that large businesses should be required to notify uncertain tax treatments to HMRC. ICAS has responded to the second HMRC consultation on the proposals – the fundamental flaw in the original proposals has not been addressed. They remain poorly targeted, so will potentially impose a burden on all large businesses. Why [...]
Multinational tax dodging strategies should be as damaging as fuelling climate change June 11, 2021 The G7’s landmark deal to tackle tax avoidance and crack down on multinational companies that treat our global economy as a financial rabbit warren, might seem a welcome step in the right direction. But until businesses start seeing tax as an investment opportunity as opposed to an unwelcome bill, it’s unlikely to make much of [...]
Bullish week sees Bitcoin recover market dominance, but will it last? June 11, 2021 The leading cryptocurrency by market cap hit a high of $38,334.33 yesterday, though it’s since fallen back to just above $37,000 this morning.
El Salvador adoption sparks Bitcoin boost – is a return $40k in sight? June 10, 2021 Bitcoin roused from its slumber yesterday, charging back from a low of $32,475 to more than $37k in a matter of hours.
HMRC set to recover £1bn of fraudulent furlough cash over two years June 9, 2021 Over £1bn of fraudulent or mistakenly claimed furlough cash is set to be recovered over the next two years, HMRC has said. Since the introduction of the furlough scheme in March 2020, more than £60bn has been claimed by employers as it protected over 11m employees. In the March Budget, the government announced the scheme [...]
El Salvador’s Bitcoin adoption as legal tender triggers start of market recovery June 9, 2021 Crypto markets show some signs of recovery as El Salvador becomes first country to make Bitcoin legal tender.
Exclusive: More than half a million UK businesses file VAT returns late June 8, 2021 More than half a million VAT returns were filed late by British businesses last year, sparking concerns that many companies have been left exposed to interest payments and fines. A total of 519,120 VAT returns were filed after the deadline — up 13 per cent on the previous year — as the pandemic sparked chaos [...]