Businesses support changing the tax year dates August 17, 2021 A poll has found that 91 per cent of medium sized firms support simplifying the tax system by changing the end of the tax year to December 31. The survey, conducted by international accounting firm BDO, found that businesses overwhelmingly believe that the time is right to align the tax date with the end to [...]
HMRC releases excuses for not paying minimum wage: ‘I only pay them when they are actually serving someone’ August 17, 2021 The taxman has revealed the most absurd excuses it has received from businesses explaining why they are not paying staff the national minimum wage. Some of the excuses included one business owner justifying not paying their staff the national minimum wage due to their workers often being “on standby when there are no customers in [...]
Football clubs, players and agents increasingly on HMRC’s radar August 16, 2021 HMRC tax investigators are targeting football clubs for £45m in tax they have underpaid, City A.M. can reveal today. According to data provided by HMRC to accountancy firm UHY Hacker Young and shared with this newspaper today, HMRC has uncovered £5.8m in tax owed by players and £4.8m owed by agents in the last year. [...]
Taxman intensifies crackdown on footballers and agents August 16, 2021 The taxman is intensifying its crackdown on footballers as it pushes to clawback money from an industry that is swelling with unpaid tax, reveal fresh figures released today. HMRC is targeting football clubs for £45m in underpaid tax, according to national accountancy group UHY Hacker Young. The taxman probed 93 football players over the last [...]
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 [...]