Search Results for: HM Revenue and Customs
HMRC takes in record £23.9bn following tax cheat clampdown
May 27th, 2014
Tax authorities have increased their take by 15% to a record total of £23.9 billion in the year to April following a crackdown on tax avoidance schemes. HM Revenue & Customs said that £8 billion had been received in ...
HMRC seeks powers to recover tax debts from ISAs
May 7th, 2014
HM Revenue & Customs (HMRC) is looking to increase its powers to allow it to take tax debts directly from individuals’ ISAs. In this year’s Budget, the government gave HMRC the power to recover tax debts of over £1,000 ...
CEOs must act before HMRC’s investigations
April 30th, 2014
The phenomenal pace of international tax transparency initiatives continues to accelerate. Chancellor of the Exchequer, George Osborne, announced at the G5 finance ministers’ meeting this week that agreements for the automatic exchange of information between the UK, France, Germany, ...
HMRC error leaves VCTs unable to issue shares
April 25th, 2014
Venture Capital Trusts have been hoarding investor cash after an error from HM Revenue and Customs left the vehicles afraid of issuing new shares. New legislation introduced by the Treasury was intended to prevent VCTs from abusing their tax-efficient ...
HMRC doubles Gift Aid investigations
April 24th, 2014
THE NUMBER of investigations undertaken by HM Revenue & Customs into Gift Aid claims more than doubled over the past year, raising an additional £6m. Figures obtained by Top 50 firm Wilkins Kennedy show HMRC carried out 1,057 checks ...
HMRC to demystify VAT place of supply rule changes
April 23rd, 2014
Freelancers and other VAT-registered providers of internet or broadcasting services to consumers in the EU are being invited to get official guidance on how new rules from January will impact them. In an open invitation to all affected businesses, ...
HMRC targets evasion in further power push
April 16th, 2014
Further powers are set to be afforded to HM Revenue & Customs as the government looks to tighten the noose on those holding funds offshore and maximise its revenues. Already, the taxman has added to its arsenal. Avoidance schemes ...
Littlewoods VAT court win leaves HMRC with £1.2bn bill
March 31st, 2014
LITTLEWOODS has won a VAT dispute with HM Revenue & Customs in the High Court, a ruling set to cost the taxman more than £1bn. The retailer contested HMRC should pay it compound interest on VAT overpayments that it ...
HMRC ramps up asset seizures to pay VAT bills
March 18th, 2014
THE AMOUNT of companies that have had assets seized and sold by HM Revenue & Customs in order to settle VAT bills rose significantly during the recession. According to data obtained by finance provider Syscap, the incidence of asset ...
HMRC to be £2.2bn short on Swiss deal target, PAC told
March 12th, 2014
SIGNIFICANTLY LESS than the £3bn target will be generated through the tax deal targeting UK residents with accounts in Switzerland, HM Revenue & Customs directors have told the Public Accounts Committee. Tax assurance director Edward Troup and director-general Jim ...
