Revealed: HMRC now tracking 277 UK businesses it suspects of using tax havens to reduce tax bills May 30, 2022 HMRC is now tracking 277 British businesses it suspects of using ‘tax havens’ to artificially reduce their tax bills in the UK, according to a City law firm. HMRC is concerned that some UK businesses are still avoiding tax in the UK by recording income in countries with zero or near-zero corporation tax. Countries traditionally [...]
Windfall tax is a big risk and Rishi Sunak’s policies may lead to recession, warns former minister May 27, 2022 FORMER Tory leadership candidate Sir John Redwood has warned that the Government’s windfall tax on energy firms is risky and its economic policies may be leading us towards a recession. He said he was opposed to a windfall tax on energy firms as it would affect future investment. “Why don’t I want a windfall tax on the energy [...]
Exclusive: Steep surge in income tax and national insurance as higher taxes bite in cost of living May 26, 2022 The combined amount of Income Tax and National Insurance paid in the last twelve months has soared by 13 per cent to more than £387bn, new figures from HMRC show. The latest data from the taxman comes amidst the growing cost-of-living crisis, the Government is now likely to come under increasing pressure to alleviate the [...]
Govt owes itself £263m in back taxes as Whitehall departments failed to comply with payroll rules May 25, 2022 Due to a failure of Whitehall departments to comply with rules on off-payroll working, MPs have stated that the Government owes itself hundreds of millions of pounds in back taxes. The Commons Public Accounts Committee said it was “not acceptable” that central government was paying out to cover tax owed for individuals who had been [...]
The role of tax in getting to net zero May 23, 2022 | City Talk Susan Cattell explains that tax can be a vital part of the package of measures needed to deliver net zero – but what is needed from the UK Government is a clear overarching tax strategy to support the transition. The UK’s Net Zero Strategy In 2019 the UK put into legislation a requirement to bring [...]
When complex arrangements are really just good-old employment income in disguise May 19, 2022 | City Talk Justine Riccomini explains why it is important for employment tax practitioners to “look through” what appears to be a complex arrangement and see it for what it really is – in this case, a way of paying cash bonuses to employees. Background In Jones Bros Ruthin (Civil Engineering) Co Ltd and Britannia Hotels Ltd v [...]
Marks & Spencer’s CFO urges Chancellor Rishi Sunak to firmly reject online sales tax May 19, 2022 Marks and Spencer has reportedly warned the Government that an online sales tax would do more harm than good for the high street. In February, the Government launched a consultation into possibilities for an online sales tax to ease the business rates burden on high street stores. In a letter to Chancellor Rishi Sunak, reportedly [...]
Brexit red tape onslaught deepens as UK economy loses £47bn because businesses drown in cross-border tax complexities May 18, 2022 Cross-border tax complexities cost the UK economy £47.6bn in lost revenue last year, an average revenue loss of 16 per cent on total EU exports, according to fresh industry data shared with City A.M. this morning. The stresses of navigating complex regulations post-Brexit continues to hold back growth for UK exporters, and is causing significant [...]
Labour calls for all MPs to vote on one-off windfall tax May 16, 2022 The Labour Party is calling on all MPs to vote in favour of a one-off windfall tax on oil and gas producers as the cost of living crisis continues to bite into Brits’ pockets. The amendment will be proposed tomorrow morning during the Queen’s Speech debate and it follows an analysis published yesterday by the [...]
Capital gains tax receipts increase £5bn in two years: Is its future aligned with income tax? May 15, 2022 The amount of Capital Gains Tax collected by the government has shot up by more than £5bn in the past two years, according to official figures from HMRC. Rising from £9.8bn in 2019/20 to £14.9bn in 2021/22, the huge increase comes after changes to the tax and rising house prices. The increase in Capital Gains [...]