Not going anywhere: Trucks full of aid for Ukraine stuck in Britain due to Brexit red tape March 8, 2022 Frustrated charity workers have said that items they are trying to get to war-torn Ukraine are stuck at the Port of Dover due to complex post-Brexit paperwork and custom checks. Agnieszka Lokaj, who runs the Lewisham Polish Centre in south London, told Politics Home that her charity had up to five tonnes of donations that is currently [...]
HMRC action yields £0 in half of all tax probes but taxman hits back: ‘We are not driven solely by money’ March 8, 2022 HMRC investigations into individuals and small businesses last year yielded no returns in nearly half of of all cases, according to new research shared with City A.M. this afternoon. The proportion of investigations which returned no money to the Treasury has risen by over a third, to 47 per cent last year up from 31 [...]
The City View: Keeping The Lights On March 7, 2022 In this Monday episode Andy Silvester chats to Jack Barnett, City A.M.’s Economics and Markets reporter, about European market reaction to Russia-Ukraine; energy prices and how commodity price hikes could impact inflation; and the difficulty for countries in switching off from Russian energy. Andy also takes us through the headlines: Sanjeev Gupta, CEO of Liberty [...]
HMRC withdraws winding up petitions for GFG Alliance firms March 7, 2022 The taxman has withdrawn petitions to wind up four steel businesses from GFG Alliance, providing under-fire steel king Sanjeev Gupta a late hour reprieve. GFG announced on Monday that positive discussions with creditors had resulted in the petitions being withdrawn. The conglomerate had been searching for rescue financing to save firms including Liberty Steel after [...]
Exclusive: Tax probe yields hit staggering £30bn as HMRC fights to recoup lost Covid revenues March 5, 2022 The total revenue HMRC generated from tax investigations and other compliance activity has risen to £30.8bn in 2021, up from £28bn in 2020 as it looks to pursue tax lost to evasion or avoidance during the pandemic, lawyers have told City A.M. this morning. HMRC had to suspend some tax investigations work for part of [...]
Are NFTs crypto assets, and why does it matter? March 2, 2022 Crypto AM's Jonny Fry examines whether or not NFTs can be regarded as crypto assets, and why it should matter.
UK taxman issues warning to crypto criminals February 24, 2022 The UK’s tax authority has said criminals should be "worried" by its capabilities when it comes to combatting crypto fraud and tax evasion.
HMRC’s average take from investigation into small businesses and individuals rises to £18,400 February 23, 2022 HMRC has increased its take from investigations into individuals and small businesses to an average of £18,400 per investigation, up from £17,500 last year, according to new data shared with City A.M. this morning. HMRC is looking to extract as much as they can from investigations as they seek to make up for revenue lost [...]
Security fears as HMRC loses nearly 1,500 electronic devices over past five years February 23, 2022 HMRC has reported 1,491 electronic devices lost or stolen over the past five years, according to official figures. The data, retrieved via the Freedom of Information Act (FOI) and analysed by the Parliament Street think tank, observed the number of mobile phones, laptops and tablets lost or stolen over the past five years, each year from [...]
Buy-to-let investors profit taking boosts CGT take to record level February 22, 2022 Buy-to-let investors taking profits on their properties has propelled capital gains tax (CGT) receipts to their highest ever level, revealed official figures published yesterday. The Treasury received 20 per cent more income from capital gains tax last year, with receipts climbing to £12.9bn from £10.8bn from the previous year, according to HMRC. A red hot [...]