HMRC hits under pressure Liberty Steel boss with winding up petition February 10, 2022 Her Majesty's Revenue and Customs is attempting to force a division of Sanjeev Gupta's steel empire into insolvency.
Treasury’s £4.3bn fraud write-off likely to be eclipsed by £20bn Covid loan defaults as CBILs and BBLs are not repaid February 8, 2022 The £4.3bn of Covid loans that may have to be written-off by The Treasury due to fraud and highlighted by the recent resignation of Lord Agnew, could be eclipsed by businesses failing to repay their CBILs and BBLs Covid support loans, an industry expert warns. £73.8bn has been loaned under the above schemes to around [...]
London suburb of Harrow emerges as unexpected hotspot for tax avoidance February 7, 2022 The London suburb of Harrow has been revealed as the unexpected centre of tax avoidance in the UK with 346 taxpayers coming forward to admit tax avoidance last year, placing it first out of 120 areas of the UK. In fact, The number of people admitting to tax avoidance in Harrow has jumped 280 per [...]
HMRC’s investigations into UK’s biggest firms generate £69 in extra tax revenue for every £1 invested February 7, 2022 HMRC investigations into big firms generate significantly higher returns than investigations into small and mid-sized businesses, according to figures from Pinsent Masons, which said the investigative unit’s high returns will see the taxman focus on large corporate tax dodgers going forwards. The UK tax collector’s investigations into big firms generated £69 in extra tax revenues [...]
UK crypto industry balks at new tax rules for decentralized finance February 3, 2022 The UK's crypto industry is up in arms over new tax rules issued by HMRC on lending and staking assets on decentralized finance platforms.
Exclusive: Building suppliers issued the most petitions during the pandemic February 2, 2022 Building suppliers dished out the most winding-up petitions to companies owing them cash during Covid, exclusive data has revealed. Audit, tax and advisory firm Mazars said building suppliers made up 28 per cent of all winding-up petitions filed since February 2020. During the pandemic, troubled construction firms often failed to pay owed cash to merchants. [...]
Rishi Sunak urged to allow National Crime Agency to probe ‘astronomical levels’ of Covid loan fraud February 1, 2022 Chancellor Rishi Sunak should allow the National Crime Agency (NCA) to investigate “astronomical levels of fraud” that was allegedly committed during the coronavirus pandemic, according to the Labour party. The party will use an opposition day debate in the Commons later today to attempt to get Government backing for an investigation after it was revealed [...]
Fraud warning: WhatsApp scams surge more than 2000 per cent January 31, 2022 WhatsApp scams are now the fastest growing form of impersonation fraud, according to new analysis by Lloyds Bank.
Data suggests foreign firms are responsible for almost a third of underpaid tax January 31, 2022 New analysis released today has revealed that foreign companies are responsible for almost a third of underpaid tax in the UK according to HMRC, with large US-owned businesses making up the highest percentage.
Angry Lord Agnew says Boris Johnson ‘failed spectacularly as fraud in government is rampant’ at £30bn a year January 25, 2022 The Tory minister who quit yesterday in what has been described as “one of the most dramatic moments ever seen” in the House of Lords has claimed that fraud is rampant in the Government. Lord Agnew of Oulton had been the minister for efficiency and transformation before announcing his resignation at the despatch box and [...]