The tampon tax isn’t the problem — our warped VAT system is December 5, 2019 Last week, Boris Johnson promised to scrap the so-called “tampon tax” — the VAT levied on feminine hygiene products. The current VAT regime, which dates back to the 1970s, cannot be changed while Britain remains in the EU. Feminists and progressives have long argued that such a tax is unfair and sexist, so scrapping it [...]
HMRC collects extra £5.4bn via specialist fraud investigation team December 2, 2019 HMRC has collected £5.4bn in additional tax and fines through its fraud investigation service in the last year, figures published today show. Tax and fines collected through investigations into criminal gangs importing illegal cigarettes and alcohol represented £2.9bn of the total, law firm Pinsent Masons said. Another £1bn was collected through investigations into VAT fraud, [...]
Labour’s rejection of conventional economic theory ignores important insights November 27, 2019 One of the first tasks facing whoever becomes chancellor after the General Election will be choosing the next governor of the Bank of England. Getting to make this choice would be a key step in the plans of Labour’s shadow chancellor John McDonnell to shake up the Bank of England, but his radicalism is not [...]
Thousands could face ‘huge’ tax bills for failing to report pensions growth November 26, 2019 Thousands of pension scheme members could face large tax bills for failing to report pensions growth on their tax returns. HMRC said today it was aware some individuals have not reported exceeding the annual allowance for pensions contributions, which currently stands at £40,000. Read more: Exclusive: Pensions minister demands simpler workplace pension statements “This admission [...]
Audit watchdog could push for clawback of audit partners’ bonuses after poor quality work November 17, 2019 The audit watchdog could push for powers to clawback bonuses from audit partners if an audit fell below a certain level of quality. The Financial Reporting Council (FRC) is thinking of asking the government for powers to set remuneration standards for auditors, The Sunday Times reported. The idea follows scandals at department store BHS, outsourcer [...]
What is IR35? Everything you need to know about the tax coming to the private sector November 6, 2019 After rolling out into the public sector in April 2017, HMRC’s controversial IR35 tax is set to hit private sector contractors in 2020. And it promises to cost workers a big chunk of change: one estimate suggests contractors could pay 25 per cent more in tax. Self-employed contractors are now grappling with the legislation, which [...]
If you were chancellor, what would be in your Budget? November 6, 2019 Today was scheduled to be the first Budget of Boris Johnson’s premiership. The chancellor announced the Budget last month, saying: “This is the right and responsible thing to do – we must get on with governing.” Unfortunately, to misquote a phrase, the best-laid plans of chancellors and Prime Ministers often go awry. The Budget has [...]
Goals Soccer Centres bought by Soccerworld and private equity firm Inflexion after accounting fiasco October 31, 2019 Five-a-side football operator Goals Soccer Centres has been acquired today by rival Soccerworld and private equity firm Inflexion. Goals has been hit by an accounting scandal after its auditor BDO discovered it had mis-declared VAT amounting to at least £13.2m. The company delisted its shares from Aim in August after it declared it was unable [...]
Goals Soccer Centres calls in Serious Fraud Office October 28, 2019 Five-a-side football company Goals Soccer Centres has called in the Serious Fraud Office to investigate a case of potential accounting fraud. The firm has passed files of evidence to the authorities in the last ten days after Goals was forced to delist from the London Stock Exchange, Sky News reported. Read more: Sports Direct says [...]
HMRC collects nearly £10bn via tax probes October 28, 2019 Her Majesty’s Revenue and Customs (HMRC) collected £9.8bn in extra revenue through tax investigations into the UK’s largest businesses last year, up 12 per cent from £8.7bn in 2017-18. Analysis published today by law firm Pinsent Masons showed that the biggest element of this was £6bn from tax investigations into valued added tax (VAT) and [...]