Taxpayers could lose billions through pandemic support schemes June 30, 2021 Taxpayers could lose tens of billions of pounds through support schemes set up to limit the impact of Covid-19, the committee that is responsible for overseeing government expenditure has warned in a report published today. A lack of scrutiny within Covid-19 loan schemes has “significantly increased” taxpayer exposure to fraud and error, the Public Accounts [...]
800,000 home workers have claimed up to £125 in tax relief since April June 29, 2021 Nearly 800,000 people who worked from home during the coronavirus pandemic have claimed tax relief on their household-related costs so far this tax year. HM Revenue and Customs (HMRC), which released the figures from its online claims portal, said the saving is worth up to £125 per year per employee. Eligible workers can claim the [...]
Stamp duty holiday pushes 1.8 million houses into higher land tax bracket in Treasury win June 29, 2021 Intense market activity driven largely by the stamp duty holiday has pushed nearly two million UK properties into a higher stamp duty bracket in a win for the Treasury. Thanks to feverish market activity in the last 12 months, of all UK homes, 940,000 additional properties will now attract some level of stamp duty at [...]
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.