Inmarsat sees HMRC enquiry July 28, 2013 TAX COLLECTORS are locked in dispute with satellite company Inmarsat over a $65m (£42m) tax benefit it received five years ago. The company said Her Majesty’s Revenue and Customs had made enquiries over a portion of a $218.6m tax boost for the year ending 2008. “Management does not believe that a material economic outflow is [...]
What the other papers say this morning – 22 July 2013 July 21, 2013 FINANCIAL TIMES Deutsche Bank set to shrink Deutsche Bank plans to shrink its vast balance sheet by as much as a fifth in order to comply with incoming stricter rules for financial soundness. In a big strategic step by Germany’s largest lender by assets, Deutsche is expected to tell investors that it aims to achieve [...]
Taxman ramps up search for international bank information July 21, 2013 HER MAJESTY’S Revenue and Customs (HMRC) is increasingly asking overseas governments for information on accounts held outside of the UK. The tax collectors are making more requests for information to overseas territories and crown dependencies of the UK, with 26 per cent more made in 2012 than 2011. The figure has more than doubled since [...]
What the other papers say this morning February 26, 2013 FINANCIAL TIMES Esure warned against overpricing Top fund managers have warned Esure against overpricing its initial public offering as the motor and home insurer prepares to launch London’s latest float as early as today. Bankers were yesterday finalising the details of the planned float as analysts said that the most recent publicly available accounts indicated [...]
HMRC names and shames tax dodgers in fresh clampdown February 22, 2013 A HAIRDRESSER, a grocer and a knitwear manufacturer were among the nine individuals and firms named and shamed as so-called deliberate tax defaulters yesterday in the first list of its kind published by HM Revenue & Customs (HMRC). HMRC said the nine “deliberate defaulters” – for whom it revealed names, addresses and the total amount [...]
MPs demand tax avoiders are named and shamed by HMRC February 18, 2013 INDIVIDUALS who take part in tax avoidance schemes should have their names made public by HM Revenue & Customs, according to the chair of an influential parliamentary select committee. Labour’s Margaret Hodge MP says the taxman “should name and shame those who sell or use tax avoidance schemes”, directing public anger at those who attempt [...]
Letters to the Editor February 17, 2013 Fiscal failure [RE: High inflation is denting recovery: The Bank of England must act now, Thursday] Andrew Sentance makes some very good points. Quantitative easing (QE) has resulted in inflation. As an importer of wine, buying mainly in euros, weaker sterling affects my prices directly and we have no choice but to pass these on [...]
Tax cheat ban on state deals questioned February 14, 2013 LAWYERS yesterday raised concerns over plans to ban companies that have taken part in aggressive tax avoidance schemes from bidding for large government contracts. Ministers said the rules, which are due to come into effect at the start of April, will force businesses who want Whitehall contracts worth more than £2m to disclose whether HMRC [...]
County court case thrown out February 11, 2013 FOOTBALL: Notts County say they will seek legal advice as they look to claim damages against HMRC after a winding-up petition over late payment of a tax bill was thrown out of court.
Firms urged to prepare for real-time PAYE February 10, 2013 BUSINESSES have just eight weeks to prepare for the biggest overhaul to the pay-as-you-earn (PAYE) tax system in almost 70 years, HM Revenue and Customs has warned today. The tax authority said it will be writing to almost 1.5m employers from this week to remind them of the new real-time information (RTI) system replacing year-end [...]