London Sports Festival moves from 3×3 basketball success to pickleball at the City of London Corporation’s Guildhall Yard
Exclusive: Business tax reliefs jump to record £94bn as number of available reliefs grows to 57 February 14, 2022 The value of tax reliefs claimed by UK businesses reached a record £93.7bn last year, up another 5 per cent from the £89.3bn claimed the year before, according to new data shared exclusively with City A.M. today. The growth in the value of business tax reliefs claimed has been driven by the rise in the number [...]
Covid fraud fiasco widens as plans to recover £6bn are slammed as ‘soft HMRC is rewarding the unscrupulous’ February 14, 2022 In a report published late on Friday, Parliament’s cross party Public Accounts Committee says “HMRC’s unambitious plans” for recovering a total of £6bn it estimates it spent incorrectly in Covid-19 support payments – whether through fraud or mistakes – could lead to government writing off billions of pounds in taxpayers’ money. The PAC said this “risks rewarding the [...]
Weak efforts to claw back stolen furlough money by HMRC to leave taxpayers with £4bn bill February 11, 2022 Weak efforts by the taxman to clawback Covid-19 support money stolen by fraudsters will result in taxpayers shouldering a £4bn loss, warns a new report published today by a group of cross-party MPs. “HMRC’s unambitious plans” to recover billions of misspent pounds through the furlough and business loan schemes could see taxpayers holding the bag, [...]
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 [...]