Amazon transfers £8.2bn of UK revenue to Luxembourg, report says August 11, 2021 Amazon has shifted some £8.2bn worth of UK revenues to European tax haven Luxembourg, a new report has claimed, as the ecommerce giant bats off calls for a tax inquiry. The retail heavyweight declared £13.7bn in UK revenues in 2019, however, filings for its UK-based companies said it only reported £5.5bn in sales. The report, [...]
Exclusive: Unpaid stamp duty clawed back by the tax man soars to five-year high August 11, 2021 Tax clawed back from probes into suspected unpaid stamp duty reached a five-year high this year, reveal exclusive figures obtained by City A.M. The tax man recouped an average of £113,400 from each investigation it launched into unpaid stamp duty in 2020/21, shows data secured through a Freedom of Information request submitted to HMRC. The data [...]
Selling a rental property or second home? HMRC provides some answers on its UK Property Reporting Service August 11, 2021 HMRC’s UK Property Reporting service is used to report gains on disposals of UK residential property to HMRC. It has suffered from problems since its introduction – HMRC has recently issued guidance to address issues raised by ICAS and other professional bodies. HMRC’s UK Property Reporting service Gains on disposals of residential property in the [...]
Londoners pay highest average inheritance tax bill in UK at over £270k August 10, 2021 Londoners pay on average the highest inheritance tax bill in the UK, according to latest official government figures. Data from HMRC shows residents in the capital paid an average of £271,820 in inheritance tax on their estates in 2018/19 upon death. Meanwhile, UK residents paid an average of £209,502 in inheritance tax in the same [...]
HMRC revenue from Capital Gains Tax jumps fourfold as businesses sell off assets August 6, 2021 The government has collected almost £10bn from capital gains tax (CGT), a fourfold increase compared to a decade earlier. New HMRC data shows the taxman collected £9.94bn in the 2019-2020 tax year a sizeable jump from the £2.55bn sum taken for the year ending in April 2009. Over 28 per cent of CGT came from [...]
Stamp Duty Holiday gives UK property market and tax coffers a major boost August 5, 2021 The government has published data confirming that the UK property market has been given a major boost by the Stamp Duty Land Tax (SDLT) holiday. Results for the second quarter of 2021 show that total SDLT transactions jumped 165 per cent compared to the same period last year and are up nine per cent compared [...]
Paying tax sooner – HMRC wants its money faster July 30, 2021 What are the challenges and advantages of paying tax closer to real-time? HMRC calls for evidence and ICAS responds. Nobody is likely to volunteer to pay tax sooner, unless it would earn interest at a competitive rate perhaps. But knowing what your tax liability is, and when you need to pay it, as close to [...]
Mishcon de Reya and ex partner face prosecution by solicitors regulator over sports clients money July 30, 2021 Mishcon de Reya and its former head of sport are being prosecuted by a legal regulator for how the prestigious city law firm handled money for some of its sports clients. Both Elizabeth Ellen, who stepped down as a partner at Mishcon to set up a sports consultancy last year, and the law firm would [...]
Exclusive: HMRC’s elite Offshore unit securing prison time for tax evaders trebled last year July 29, 2021 HMRC’s elite Offshore, Corporate and Wealthy (OCW) Unit secured convictions totalling 67 years of prison time for tax evaders last year, nearly trebling the total of just 23 years secured a year earlier. The increase in prison sentences is a sign that HMRC’s strategy of using targeted criminal investigations, rather than just civil penalties, as a [...]
Coronavirus and the impact on UK insolvencies July 29, 2021 We’ve spoken to insolvency expert, David McGinness, Insolvency Practitioner at French Duncan Restructuring & Debt Advisory, on how the coronavirus pandemic has impacted businesses across UK and what the future holds for them. David McGinness has more than 15 years experience in all types of personal and corporate insolvency. Through the course of his insolvency [...]