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 [...]
£13bn in a year: Entrepreneurs selling businesses and assets cause capital gains tax bills to jump 20 per cent February 22, 2022 The UK’s Capital Gains Tax bills jumped 20 per cent from £10.8bn to a record high of £12.9bn in the past year, according to new research shared with City A.M. this afternoon. The increase is primarily due to a rise in tax on entrepreneurs selling businesses causing The value of capital gains in the UK [...]
Home transactions settle back to pre-Covid levels with ‘best sellers’ market in decades’ February 22, 2022 More than 85,000 homes changed hands in January, with property transactions up on pre-Covid averages, HMRC data has revealed. Official figures show that the provisional non-seasonally adjusted estimate of UK residential transactions for January 2022 was 85,520. This was 22.2 per cent lower than December 2021. There were seven per cent more transactions than the [...]
UK paid more tax on alcohol and cigarettes than stamp duty during the pandemic February 22, 2022 New analysis has revealed how the pandemic influenced tax growth across the UK, as HMRC received more from Alcohol and Tobacco duties during the 2020/21 tax year than they did for stamp duty. RIFT Tax Refunds’ data on the total receipts received by HMRC during the first full pandemic tax year of 2020 to 2021 [...]
Serious Fraud Office property raids fall to zero February 21, 2022 The Serious Fraud Office did not undertake a single property raid last year, according to its response to an FOI request.
HMRC rakes in £50bn thanks to new business taxes February 21, 2022 New research released today has revealed that HMRC has collected more than £50bn from firms in the last decade thanks to eight new business taxes. According to data from Thomson Reuters, in the past year alone, eight new taxes raised a total of £7.2bn from businesses, including £300m from its newest tax, the Soft Drinks [...]
Presenter Adrian Chiles wins tax appeal after seven years February 16, 2022 After more than seven years and two tribunal hearings, the broadcaster and writer Adrian Chiles has finally won his IR35 case relating to services provided to the BBC and ITV between the five tax years spanning 2012 to 2017. The tribunal’s partial analysis found that all the contracts created the initial impression of contracts of [...]
HMRC splashes £12m on data analysts February 16, 2022 HMRC has almost tripled its yearly spend on data analyst and data scientist roles 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, revealed a large uptake in data analyst and data science staff year on year [...]