Organised crime gangs defrauded £367m from Covid support schemes August 22, 2022 Almost £400m was stolen from the UK government’s Covid support schemes by organised crime gangs, according to new figures released by Whitehall. Figures released by HM Revenue and Customs, after a Freedom of Information request by law firm Pinsent Masons, showed £367m was stolen from initiatives like the furlough scheme and Eat to Help Out. [...]
Less than 62,000 of UK’s one million trusts registered with HMRC just two weeks before deadline August 19, 2022 Only a tiny proportion of those who own non-taxable trusts have registered them with HM Revenues and Customs’ (HMRC’s) Trust Registration Service (TRS), just weeks before the deadline on 1 September. A total of 61,700 of the UK’s estimated one million trusts were registered with the HMRC service in the first six months of 2022, [...]
Premiership club Worcester hit with HMRC winding-up petition, reports suggest August 17, 2022 Premiership Rugby club Worcester Warriors have been hit with a winding-up petition by Her Majesty’s Revenue and Customs, according to reports. A liquidation of the club is sought by the UK tax authority unless a debt is settled for an unpaid tax bill, the Telegraph report. This follows reports in recent months surrounding the late [...]
Whistleblowers play key role in crackdown on furlough fraud as HMRC gets nearly 14,000 tip-offs August 16, 2022 13,775 whistleblower reports have now been received by HMRC about fraud against the furlough scheme as people report their employers, and ex-employers, City lawyers have told City A.M. HMRC is now stepping up its enforcement activity with a view to recovery, issuing penalties and pursuing prosecution or directors disqualifications where appropriate. There were many complex [...]
Lift our economic spirits by keeping duties and tax down on Scotch Whisky August 16, 2022 You will struggle to find another industry that is like the Scotch Whisky industry. One that’s continued to invest in the UK economy despite the lost exports, tourist visits and hospitality income during the pandemic, rising production and shipping costs, and the loss of more than half a billion pounds in revenue because of tariffs [...]
HMRC’s furlough fraud crackdown sees whistleblowers file almost 14,000 reports August 10, 2022 HM Revenues and Customs has received almost 14,000 whistleblower reports after launching an online tip off service to make it easier to report instances of furlough fraud. Thousands of people have blown the whistle on their employers and former-employers by reporting them for furlough fraud using HMRC’s digital reporting tool, analysis from law firm Pinsent [...]
Housing market holds up well despite Bank of England rate hikes August 8, 2022 The UK property market is still running hot despite the Bank of England’s rapid interest rate hike cycle, according to research by City A.M. House purchases dipped around four per cent in June compared to December when the Bank’s first rate rise landed, dropping to 95,420 from 99,560, according to HMRC data. Governor Andrew Bailey [...]
Over 60 per cent of Premier League contracts open to abuse, research suggests August 8, 2022 Her Majesty’s Revenue and Customs believes that a “significant number” of Premier League football clubs and players are underpaying tax, new analysis from law firm Pinsent Masons will reveal today. Pinsent Masons says that 64 per cent of Premier League footballers’ contracts now take a form which HMRC says is open to abuse. This follows [...]
Biffa extends takeover deadline as bosses set aside £20m to settle tax bill August 2, 2022 Waste management firm Biffa reported a jump in revenues to £1.44bn in its full year of trading today as it narrowed pre-tax losses following a difficult pandemic year.
HMRC suspects big firms are underpaying £1.4bn due to workers’ false ‘self-employed’ classification August 1, 2022 The taxman suspects big firms are underpaying tax to the tune of £1.4bn, by classifying workers as ‘self-employed’ when they’re actually full staff. Leading law firm Pinsent Masons claims HMRC (HM Revenue & Customs) suspects companies are classifying staff as self-employed to avoid making Employers’ National Insurance contributions. HMRC has been clamping down on the [...]