VAT fraud and error on online marketplaces like Amazon and Ebay costs the UK £1bn, National Audit Office says April 19, 2017 The UK is losing up to £1bn a year in VAT because of fraud or error by sellers on websites like Ebay and Amazon. The National Audit Office (NAO) said the consumer regulator Trading Standards found companies failed to remove sellers often based in China that were flouting VAT rules, even after being informed about [...]
That’s the (craft) spirit: Distillery numbers are booming in the UK as taste for independent gin and whiskey blossoms April 17, 2017 The UK’s growing taste for craft gin and scotch has created a boom in the number of distilleries springing up across the UK. There were 45 new ones set up last year, a rise of nearly a fifth, bringing the total number to 273, new figures reveal. And since 2010, the number has more than [...]
Classic cars, booze and planes: FCA gives investors in HNW Lending tax-free status March 20, 2017 A peer-to-peer lender offering a high-net-worth pawnbroking service has been given the green light by regulators to market a specialist type of Isa to investors. HNW Lending connects borrowers with valuable assets to investors seeking a greater rate of return. Borrowers must hand over their assets, which in the past have included classic cars, planes or [...]
Leyton Orient winding-up order adjourned until June as owner Francesco Becchetti vows to inject £1m March 20, 2017 Leyton Orient have avoided administration – for now, at least – after the League Two club’s controversial owner Francesco Becchetti staved off a winding-up order brought by HM Revenue and Customs (HMRC). Becchetti settled the unpaid tax bill but, at a High Court hearing today, was given until 12 June to pay off four other [...]
The Queen and Oliver Twist movie backers forced to pay back £26m to the taxman in landmark ruling March 17, 2017 The taxman today hailed its victory in a tax avoidance case against partnerships that backed a number of high profile films including The Queen and Oliver Twist. The £26m ruling paves the way for HM Revenue & Customs (HMRC) to go after similar schemes, a decision it estimates could swell its coffers by £286m. British movie makers have [...]
HSBC’s chief exec Stuart Gulliver fails to close probe into his taxes, as taxman requests a string of information March 16, 2017 The boss of HSBC may have hand to over more information to the taxman, after a bid by the businessman to close a probe into his affairs failed. HM Revenue & Customs (HMRC) opened an investigation into Stuart Gulliver's personal tax return for 2013-14 in December 2015. The tribunal decision notice stressed the enquiry was limited to factual [...]
Chancellor Philip Hammond has U-turned on National Insurance hike plans – read his letter in full March 15, 2017 Chancellor Philip Hammond has U-turned on National Insurance contribution (NIC) hike plans revealed in last week's Budget. The announcement of increases to class 4 NICs was met with outcry, and the Tories were slammed for going back on a manifesto pledge to freeze taxes for five years. Hammond wrote: I am writing to clarify the government's [...]
How to know when you’re ready to list on the stock market March 14, 2017 You don’t need to IPO to achieve rapid growth. Just ask Richard Branson. Founders generally also want to keep their equity close, both for control and so they can enjoy as big a percentage of any value growth as possible. But for some businesses, floating on the stock market can be the ideal way to [...]
HM Revenue & Customs (HMRC) wins tax tribunal disputing stamp duty land tax scheme used by housebuilder Crest Nicholson March 12, 2017 Crest Nicholson has been told to pay £1.3m it unsuccessfully tried to keep under a stamp duty land tax (SDLT) avoidance scheme after a tribunal found in the taxman's favour. The FTSE 250 housebuilder had used the scheme to avoid paying SDLT, by transferring assets between two sub-companies, on three purchases of land for development in Kent, which cost [...]
Budget 2017: Government announces plans to crack down on VAT evasion March 8, 2017 The government is cracking down on overseas traders that avoid paying UK VAT. In the Spring Budget today the Treasury has said that it will be putting in place measures to stop traders from undercutting UK businesses online by charging less and not paying tax on UK sales. To draw up a new collection method for VAT, [...]