To reap the benefits of venture capital we need an environment that fosters growth May 12, 2022 Firms supported by British venture capital will have a critical role in addressing some of the most important targets set for the country by the government. They can participate in the UK’s ambition to be a science and tech superpower, in the strategy to advance regions up and down the country, and of course in [...]
Tech Weekly: Matt Hancock on crypto ambitions and lockdown decisions May 6, 2022 This week City A.M. reporters Lily Russell-Jones and Charlie Conchie sit down with Conservative MP and former Health Secretary Matt Hancock. They chat about his outspoken views on crypto, regulation, and the need for accessibiity when it comes to crypto investing; go through his post-Cabinet ambitions; and unpick his decision-making at the height of the [...]
HMRC receives record high £157bn from VAT bills after tax holiday ends May 6, 2022 HMRC collected a record £157.2bn from VAT bills in 2021/22, a 55 per cent increase on the £101bn collected the year before.
UK audit chief in the running for HS2 top job May 2, 2022 The head of the UK’s accounting watchdog is reportedly in the running to lead the High Speed 2 rail construction project, raising further questions about the future of the country’s audit regime. Sir John Thompson, chief executive of the Financial Reporting Council (FRC), is in the frame for becoming the new chair of the project, [...]
Taxman waives fines for million Brits unwittingly caught in anti-money laundering crackdown April 29, 2022 The UK taxman has said it is waiving fines for those who unwittingly faced penalties for failing to list any trusts they own on anti-money laundering registers. Her Majesty’s Revenues & Customs’ (HMRC’s) decision to waive the penalties comes in the midst of a major anti-money laundering crackdown, which saw the introduction of new rules [...]
HMRC uses unprecedented amounts of data and ‘nudge’ letters in crackdown on foreign tax evaders April 23, 2022 The number of overseas investors confessing to tax evasion in the UK has more than quadrupled to 338 this year from 78 in the previous year, according to new data shared with City A.M. today. Many of these disclosures are from overseas investors in buy-to-let property who are coming clean about unpaid tax on their [...]
Insolvencies more than double as rampant inflation and rising interest rates hit firms April 22, 2022 Company insolvencies more than doubled last month as soaring inflation and rising borrowing costs pushed firms over the edge.
UK housing market shows signs of stability with Brits’ reluctant to spend April 21, 2022 The UK’s housing market could be returning to stability, say analysts, before deals pick up as warmer weather blankets the country. Residential transactions for March have plunged more than a third in comparison with the same month last year, according to the government’s latest figures, after a continued, pandemic-era, buying frenzy. Although deals have climbed [...]
Tax paid by Brits on at least £150k skyrockets as ‘fiscal drag’ makes HMRC increasingly lean on high income taxpayers April 20, 2022 The total income tax paid by high earners making £150,000 or more has increased by 77 per cent in the last decade, reaching £60.9bn in the 2019-20 tax year, up from £34.5bn in 2010-11, according to data that was shared with City A.M. Over the same period the total tax take from basic rate taxpayers [...]
Homes for Ukraine scheme: tax treatment April 20, 2022 The Government has announced that sponsorship payments under the Homes for Ukraine scheme will not be taxable and that the conditions for some tax reliefs will be adjusted to take account of the scheme. Homes for Ukraine scheme The scheme allows individuals, charities, community groups and businesses in the UK to bring Ukrainians to the UK and [...]