Wildwood restaurant owner Tasty remains ‘cautiously optimistic’ amid ongoing labour shortages and inflation woes March 23, 2022 Wildwood restaurant owner Tasty reported a 44 per cent revenue boost to £34.9m this morning, despite obstacles in re-opening stores.
Home transactions up with market for pricey properties booming compared to pre-Covid levels March 22, 2022 Property transactions hit 96,250 last month, with big spenders buying more than before the pandemic. Transactions were up 15 per cent in February, compared to 83,450 in January, according to HMRC’s latest data on home transactions. Total sales for the first two months of the year stand at 179,900, some 18 per cent lower than [...]
HMRC contacts just 0.4 per cent of UK crypto holders about tax rules March 16, 2022 HM Revenue & Customs contacted just 0.4 per cent of the estimated 2.3m crypto holders in the UK about owing tax on their investments.
Take advice from financial crime and forensic support services March 15, 2022 Stopping Financial crime, money laundering and terrorist financing remain high on the government’s agenda. HMRC, the FCA and similar bodies are getting tougher on firms that cannot clearly demonstrate the ability to manage their financial crime risks. Supervisors want to see robust governance, appropriate, risk-based policies and procedures, thorough training and effective internal control mechanisms. [...]
Pandemic leads to major spike in whistleblowers turning to SFO to report alleged fraud March 14, 2022 The pandemic has led to a near 20 per cent rise in whistleblower reports about alleged fraud. Workers may have falsified accounts to cover up theft or inflated sales figures in a bid to achieve bonuses during the pandemic, a new report by consultancy firm Accuracy has found. There was a 17 per cent rise [...]
£24bn Brexit rebound: UK goods imports from EU overtake non-EU trade while Russian influx soars March 12, 2022 Goods imports from the EU rebounded fat the start of 2022, despite uncertainty over changes in HMRC methodology, to overtake Non-EU countries, after non-EU imports of goods to the UK surpassed those from the EU for the first time in 2021 since the ONS started recording the data in 1997. Over £24bn worth of goods [...]
13m illegal cigarettes seized from UK streets as black market booms March 9, 2022 Investigators have seized over £7m worth of cigarettes over the past year, as the government cracks down on illegal tobacco trade on the streets. Across England and Wales, 13 million cigarettes and 4,300 kilos of hand-rolling tobacco have been seized by authorities. The operation, conducted by HM Revenue and Customs staff, Border Force officials, police [...]
High Court says investors should have gotten their ‘own advice’ instead of relying on top QC’s opinion memo March 8, 2022 A High Court judge has said a leading barrister cannot be held responsible for any losses suffered by those invested in film financing schemes, with a view to gaining tax benefits, after reading the QC’s advice in memos used to advertise the investment schemes. Mr Justice Zacaroli said Andrew Thronhill QC cannot be held responsible [...]
HMRC owes construction workers close to £1.5bn following pandemic property boom March 8, 2022 Almost £1.5bn is owed to Britain’s construction workers by the taxman following the pandemic property boom, according to new data shared with City A.M. today. It is estimated that more than 1m people working in the sector could be owed a tax refund, after the industry “weathered a particularly fierce storm” to keep Britain building [...]
EU court rules against Britain in £2.2bn import fraud case March 8, 2022 The European Union's highest court has ruled against Britain in a fraud case involving billions of pounds worth of import fraud.