Exclusive: HMRC claw back record £4bn in lost taxes September 21, 2021 HMRC’s investigations and compliance work saved £4bn in taxes from being lost in the last quarter, nearly double the £2.2bn for the same period last year, according to new data shared with City A.M. today. The increase in the amount of taxes saved will be due in part to the winding down of the furlough [...]
DOJ orders IRS to release Trump tax returns July 31, 2021 The Internal Revenue Service has been ordered to turn over Donald Trump’s tax returns to a House committee by the US Department of Justice. The IRS was told to hand over the former US president’s tax returns after a House panel had “invoked sufficient reasons” for obtaining them. The order comes after the DOJ released [...]
Next: Retail giant does it again with further profit guidance upgrade August 3, 2023 Next is upgrading its full year guidance for group profit before tax by £10m to £845m, following a strong performance in the second quarter helped by summer sales.
Government drive to digitise tax is swelling costs for small businesses, warns FSB October 13, 2021 A government push to make filing tax returns digital has significantly increased administrative costs for British businesses. Small firms that have switched to the making tax digital programme are each spending an average of £4,562 and 52 hours a year on tax compliance, research by the Federation of Small Businesses (FSB) found. However, businesses that [...]
Windfall tax looming: BP may end up in firing line if it reports expected 30-fold increase in profits February 7, 2022 Oil giant British Petroleum could end up in the firing line when it reports this week what analysts expect might be a more than 30-fold increase in its profit in the closing months of last year. The oil giant is expected to report an underlying replacement cost profit – its preferred measure – of around [...]
Tax and accounting bodies call for government to delay reporting reforms August 23, 2021 UK tax and accounting bodies have urged the government to delay reforms to the tax system which would affect how self-employed people and businesses report their profits. In a letter sent to Treasury financial secretary Jesse Norman, representatives from five tax and accounting bodies, including the Institute of Chartered Accountants for England and Wales and [...]
OECD: Ireland snubs global tax deal July 2, 2021 Ireland refused to sign a major agreement to overhaul the global corporation tax regime on Thursday. 130 countries and jurisdictions agreed to the deal brokered by the Organisation for Economic Cooperation and Development, which paves the way for sweeping international changes. The new regime will see a global tax for 100 of the world’s largest [...]
Khan to hike Londoners council tax bills by £31 in bid to save TfL from ‘collapse’ December 22, 2021 Council tax could be hiked by £31.93 next year under London mayor Sadiq Khan’s plans to save the capital’s transport system from collapse. In his budget proposal today, Khan set out that £20 of the council tax increase will be pumped into Transport for London (TfL) after battling with a funding blackhole. The transport network [...]
Liontrust reveals roaring interim results as pre-tax profits jump 352 per cent December 1, 2021 Asset manager Liontrust saw profits soar in the first half of the year with assets under management now totalling £36.5bn.
Households with gas boilers could be taxed for the higher-carbon option August 23, 2021 UK households with gas boilers could be taxed for the high-carbon option, a strategy review has suggested, as the government races to meet its net-zero target. In a bid to transition households towards low-carbon solutions, the Heat and Building Strategy is looking like it will conclude that gas users could face higher bills and charges. [...]