Second wave of nudge letters seeking offshore funds lands from HMRC April 2, 2020 In last month’s Budget, chancellor Rishi Sunak declared that the Treasury would raise an additional £4.7bn over five years by further combating tax evasion and avoidance. Thousands of letters were sent at the end of February by HMRC, asking individuals suspected of not disclosing offshore assets to review their affairs. This is sent along with [...]
Criminals are using COVID-19 to scam the public – don’t become a victim April 1, 2020 Law enforcement, government and private sectors partners are working together to encourage members of the public to be more vigilant against fraud, particularly about sharing their financial and personal information, as criminals seek to capitalise on the Covid-19 pandemic. Criminals are experts at impersonating people, organisations and the police. They spend hours researching you for [...]
UK firms say they are still under threat despite coronavirus support March 31, 2020 More than two thirds of UK managers say the coronavirus outbreak poses a high or severe threat to their companies, despite the government’s unprecedented economic package, a survey showed today. The Institute of Directors (IoD) business group, which produced the survey, said more must be done to support firms. It said the government should extend [...]
The fight against tax crime and money laundering March 31, 2020 There is no such thing as a victimless crime. The devastation financial crime causes is real and often affects some of our country’s poorest and most vulnerable communities. Tax crime costs the UK economy tens of billions of pounds every year. In order to prevent this, HMRC works closely with UK law enforcement agencies and [...]
Business of Tax March 30, 2020 The Business of Tax report looks at the forever-changing tax system, with a focus on Making Tax Digital (MTD) and business productivity, tax reforms, taxing multi-nationals, and a look at tax incentives based on organisations sustainability. Business and tax landscapes have changed dramatically, and the pace and complexity of change continues to increase. Governments are [...]
Digital tax will unlock business productivity March 30, 2020 Unlocking UK business productivity, making it easier to get tax right and providing the catalyst needed to get UK business to adopt digital technologies; the goals of Making Tax Digital (MTD) are lofty. These are extremely difficult times for all of us and HMRC is committed to helping in every way possible all those businesses [...]
Overcoming the challenges of global tax regimes March 30, 2020 The number of global tax regimes are still increasing. As they are being implemented and refined at a jurisdictional level, they are becoming increasingly fragmented. Tax professionals have the challenge of monitoring and operationalising these requirements. The end goal of most of these regimes is the reporting of a wide range of tax-related data to tax authorities. [...]
One in five residential property sales could be affected by new tax laws this April March 30, 2020 From 6 April 2020, a major change to tax payment dates will come into force. It will apply to landlords, second home owners, divorcing couples – indeed any UK resident who sells or gifts a residential property situated in the UK, on which a capital gains tax (CGT) bill arises. At present, individuals who dispose [...]
Coronavirus: Government slams ‘breath holding’ advice amid fake news crackdown March 30, 2020 Specialist government units have been forced to rubbish claims that holding your breath for 10 seconds is a test for coronavirus amid a surge in misinformation about the pandemic. Number 10’s Rapid Response Unit identified the claim in posts circulating on Facebook and Whatsapp that claimed to come from a board member at Stanford Hospital. [...]
Coronavirus: The tax questions facing those stuck in the UK March 26, 2020 Covid-19 is impacting everybody in one way or another, including those who were not expecting to be UK tax residents but now find themselves unable to leave the country. City A.M. asks Helen Jones, a tax partner at BDO, the key questions that need answering for those stuck in Britain during the pandemic. What residency [...]