Fraudsters make off with £4.2m amid NFT boom November 14, 2022 Fraudsters have exploited the rapid rise of Non-Fungible Token (NFT) in the UK and have scammed investors out of more than £4.2m in the past 12 months, according to new research released today.
Value of UK business tax breaks hits record £105bn in past year alone November 14, 2022 The value of business tax reliefs in the UK hit £105.3bn in the past year, up from £100.3bn in 2020-21, shows new research shared with City A.M. this morning. The £105.3bn figure represents the combined cost estimated by HMRC for the 58 significant tax reliefs available to corporates. However, these represent just a fraction of [...]
Sunak handouts: 8m Brits start receiving £324 into their bank accounts from today November 9, 2022 Close to 8m low income Brits will start to receive payments of £324 into their bank accounts from today as part of the Government’s cost-of-living support. The Department for Work and Pensions (DWP) will start making the payments directly into eligible people’s bank accounts from Tuesday. There is no need for people to apply or [...]
Strikes another blow to struggling City hospitality businesses November 7, 2022 Small business owners have said they are struggling to survive as postal workers are set to walk out and amid the looming threat of rail strikes. Matt Harris, 49, who runs wine bars Planet Of The Grapes and Fox Fine Wines in London, said that strike action is just “another dagger” for already struggling hospitality [...]
Hounslow is a hit among Singaporeans who act as £5.8bn supporting cast to Hong Kong homebuyer frenzy in UK November 1, 2022 While the bonus of the so-called BNO visa scheme has resulted in a high level of Hong Kong homebuyers making their way to the UK, it has emerged that a supporting cast from Singapore is also helping to drive market activity in Britain, with Singapore nationals sitting on a property portfolio to the tune of [...]
Exclusive: 832,000 businesses face fines and missed VAT returns as new digital tax deadline is today November 1, 2022 UK VAT registered businesses who are yet to sign up for the so-called Making Tax Digital (MTD) by today will fall foul to non-compliance, penalties and an inability to file their VAT returns. The amount of businesses facing a default surcharge penalty is expected to significantly increase in November as a result of businesses being [...]
Landlords warned about undeclared rental income but HMRC denies report of ‘clampdown’ October 31, 2022 A leading chartered accountant has warned landlords about paying undeclared rental income, but HMRC has denied there is a ‘clampdown’ on the issue. Almost 60,000 disclosures have been made to HMRC, including £250m in unpaid taxes, since the UK launched a scheme in 2013. The Let Property Campaign allows landlords to declare unpaid tax in [...]
Tax authorities arrest eight people over alleged attacks on R&D incentives October 31, 2022 Tax authorities have arrested eight people over alleged “organised criminal attacks” on tax breaks for those carrying out research and development. The individuals are alleged to have set up more than 100 fake claims worth more than £16m, under the £7.4bn scheme which is designed to incentivize innovation by providing tax breaks for R&D, according [...]
The taxing questions over your crypto assets October 24, 2022 As HMRC continues to update its guidance on the taxation of crypto assets, CMS Law explains the current state of play.
MPs call for crackdown on advisors enabling tax avoidance schemes October 24, 2022 A group of cross-party MPs have called on the UK government to begin cracking down on the accountants and financial advisors that facilitate tax avoidance schemes. In a new report, the all-party parliamentary group (APPG) on anti-corruption and responsible tax called for the UK’s tax system to be overhauled, to boost growth, increase tax revenues, [...]