Exclusive: End of furlough could be the ‘final ingredient in a catalyst for disaster’ September 30, 2021 The end of furlough payments could be the final ingredient in a catalyst for disaster for businesses, according to restructuring and insolvency lawyers City A.M. spoke to this morning. With the winding up of the job retention scheme today, they warned that the 1,348 registered company insolvencies in August could rocket in the months ahead. [...]
Thousands of UK businesses at risk of insolvency from this week, City auditor warns September 29, 2021 Thousands of UK businesses that have struggled during the pandemic are at risk of collapse as the government ends its temporary insolvency measures this Friday, a top audit lawyer has warned. From Friday, the Government is phasing out its restrictions on winding-up petitions, meaning lenders and creditors can once again legally seek to liquidate a company [...]
Shortages are a devilish dance with Covid and Brexit September 28, 2021 There’s an old cartoon that has Satan outside a church, crying. A passer-by asks him what’s wrong and he responds “They blame me for everything in there!”. For the past 18 months, Covid has been the folk devil of almost every business issue. Look at what’s happening now, with fears of a further “winter of [...]
End of furlough: ‘Time for the UK economy to put its big girl pants on’ September 27, 2021 This week, the government’s £70bn furlough support scheme comes to an end. The end of the Job Retention Scheme, or furlough, will force organisations to make decisions regarding the future of furloughed employees. City A.M. sought the views of a number of small business owners about whether now is the correct time to remove the [...]
The ICAS public voice – tax administration post-covid September 27, 2021 As we begin to emerge from Covid-19, a key strand of the public policy work undertaken by ICAS relates to tax administration. ICAS has a public interest remit, a duty to act not solely for its Members but for the wider good. From a public interest perspective, our role is to share insights, shaped and [...]
Editorial: Tax-hiking ministers aren’t entitled to demand pay rises, too September 27, 2021 To listen to Government ministers at the moment, one could be forgiven for thinking we were in the middle of an economic boom. Amid an entirely predictable collapse in haulier numbers and knock-on shortages, the response so far has been on the one hand an underwhelming visa scheme and on the other a demand for [...]
HMRC delays move to make income tax digital by another year September 24, 2021 HMRC has delayed its planned move to make tax digital (MTD) by a further year, now scheduled to come into force in April 2024. The delay means businesses or landlords with a business income of over £10,000 a year will have now have an extra year to prepare for the digitalisation of income tax. General [...]
Exclusive: Record £38bn in tax by self-employed shows HMRC’s ‘peak leniency has passed’ September 23, 2021 The amount of income tax paid by self-assessment taxpayers has jumped 31 per cent to hit a record £38bn in the past year, up from £29bn the previous year, according to an analysis of HMRC tax receipts that was shared exclusively with City A.M. today. The boom in tax revenues from the self-employed is because [...]
Exclusive: HMRC disbands ‘secret’ unit that probed family investment companies September 22, 2021 A dedicated unit within HMRC that focused on family investment companies has been disbanded, City A.M. understands. A source within HMRC confirmed this afternoon that the ‘secret’ specialist HMRC unit, which was set up in 2019 to investigate risks associated with family investment companies and tax avoidance risks, has been wound up. The primary reason [...]
Exclusive: Growing group of British landlords that live abroad admit tax evasion September 21, 2021 UK expats who own a buy-to-let property in the UK increasingly approach HMRC to admit they have evaded tax, according to new data shared with City A.M. this morning. 248 overseas investors in UK buy-to-let properties came forward to admit tax evasion in the year up to 31 March, according to data shared by accountancy firm UHY [...]