Tax

Image for hmrc targets high net worth tax avoiders

Tax | HMRC targets high net worth tax avoiders

HMRC is ramping up anti-avoidance activity against high net worth earners who fail to pay tax or submit tax returns

27 Jun 2022

Image for fca investigates wise ceo over ps720k tax default

Tax | FCA investigates Wise CEO over £720k tax default

The Financial Conduct Authority (FCA) is investigating the tax status of the CEO of FTSE listed global technology company Wise after he appeared on HMRC’s deliberate defaulters list

27 Jun 2022

Image for deadline register trusts requires mandatory compliance

Tax | Deadline to register trusts requires mandatory compliance

As the September deadline to register trusts approaches, it is important to ensure that all UK express trusts and some overseas trusts are compliant, warns Axiom

27 Jun 2022

Tax | Is it really fraud? HMRC’s current R&D campaign

HMRC is taking tough action on research and development (R&D) tax relief claims, sending letters to thousands of taxpayers accusing them of fraud. Neil Tipping, VIP senior tax consultant at Croner-i, says this is excessive use of powers

27 Jun 2022

Tax | Consultation on rules for 25% energy profits levy

The government has launched a consultation on draft legislation for the 25% surcharge on the extraordinary profits the oil and gas sector is making

24 Jun 2022

Consultations

Image for hmrc raises interest rates late tax bills 5 july

Tax | HMRC raises interest rates on late tax bills from 5 July

Following the increase in the Bank of England base rate to 1.25% earlier this week, HMRC has confirmed that it will raise interest rates on late tax bills by a further 0.25%

24 Jun 2022

Tax | OTS warning on obscure tax scam

The Office of Tax Simplification (OTS) has issued a warning that scammers are using their brand identity and logo to dupe people into paying tax bills

23 Jun 2022

Tax | Personal tax take up £10bn in one month

Monthly tax receipts hit £121.9bn with income tax and National Insurance contributions up by nearly £10bn as employee numbers rise and bonuses are taxed

23 Jun 2022

Image for small businesses worst offenders across ps32bn tax gap

Tax | Small businesses worst offenders across £32bn tax gap

The estimated tax gap for the 2020 to 2021 tax year is 5.1% with small businesses accounting for nearly half of unpaid tax

23 Jun 2022

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Tax | Corporation tax relief for expenditure on buildings

Craig Flynn, VIP R&D consultant at Croner-i, explains how to claim corporation tax relief for expenditure on buildings, with tips and advice on how to overcome perceived difficulties in the claim process

23 Jun 2022

Tax | Year-end expenses and benefits reporting — tips and advice

As the 6 July deadline for year-end expenses and benefits reporting via P11D approaches, Caroline Harwood, partner at BDO, sets out the key issues to consider when filing, particularly with covid exemptions now removed

22 Jun 2022

Employment Tax

Image for hmrc targets rogue tax refund repayment agents

Tax | HMRC targets rogue tax refund repayment agents

Measures to stop hundreds of rip-off agents taking advantage of people and pocketing their income tax repayments, including compulsory registration, have been proposed by HMRC

22 Jun 2022

Tax | IntegraFin disputes £7.9m VAT demand

FTSE listed IntegraFin Holdings plc has been told by HMRC that a decision over VAT group status stands and the company faces a multimillion pound settlement

21 Jun 2022

VAT

Image for mps call prosecution promoters abusive tax schemes

Tax | MPs call for prosecution of promoters of abusive tax schemes

MPs on the tax action group are calling for an amendment to the Economic Crime Bill to allow for prosecution of promoters and enablers of abusive tax schemes

21 Jun 2022

Tax Planning

Politics

Image for qa company residency and corporation tax

Tax | Q&A: company residency and corporation tax

In this week’s Q&A, Croner Taxwise tax adviser Suzanne Rowland explains corporation tax liability when a company was first UK registered but then relocated to Spain

21 Jun 2022

Business Tax