Weekend Read: HMRC launches more than 1,000 new probes every single day in attempt to recoup lost pandemic revenue March 26, 2022 HMRC has launched 137,000 tax investigations in the six months to December 2021, up 9 per cent from the 126,000 investigations in the same period last year, according to new data shared with City A.M. today. This amounts to the Revenue opening 1,062 tax investigations per day. HMRC is ramping up its compliance activity as [...]
Sunak wants to be a low-tax Tory but instead he’s following the US and picking winners March 25, 2022 When Frank Sinatra first uttered the words “the best is yet to come”, the UK’s fiscal strategy probably couldn’t have been further from his mind. But the words ring true after a spring statement that did little to make life any easier for those of us who make a living trying to read the Chancellor’s [...]
BEIS splashes £30m on data scientists March 23, 2022 The Department for Business, Energy and Industrial Strategy has more than quadrupled the number of data analysts and data scientists it employs, with a 408 per cent increase in expenditure since 2017, according to official figures. The data was obtained via the Freedom of Information (FOI) Act and analysed by the Parliament Street think tank [...]
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 [...]