Article content Former Bank of Canada governor Mark Carney’s decision to throw his hat in the ring in the race to become leader of the federal Liberal party has led to a shakeup at the top of Brookfield Asset Management. Article content In a statement Thursday afternoon, Brookfield said chief executive Bruce Flatt would take […]
The new year is an excellent opportunity for businesses to review their finances and plan effectively for the months ahead. With the annual increases to the national living and minimum wage and other statutory payments set to take effect in April 2025, its essential to prepare for these changes in advance. National Living and Minimum […]
HM Revenue & Customs is ramping up its scrutiny of “side hustle” earnings, requiring online platforms such as eBay, Vinted and Airbnb to submit information on users’ incomes for 2024 by the end of this month. However, concerns have been raised that the discrepancy between the UK tax year (April to April) and the OECD’s […]
Taxpayers stand to save both money and headaches in 2025 by committing to better tax practices in the year ahead, according to leading audit, tax and business advisory firm Blick Rothenberg. Robert Salter, a Director at the firm, notes: “Most people make personal resolutions about health and lifestyle, but your financial health is equally important—and […]
Millions of people across the UK are at risk of penalties after HM Revenue & Customs (HMRC) revealed that 5.4 million taxpayers have yet to submit their self-assessment tax return. With the 31 January deadline fast approaching, HMRC has urged anyone who has not yet filed to do so immediately to avoid hefty fines. Tax […]
HM Revenue & Customs (HMRC) has rolled out a new disclosure service for companies that have inadvertently overclaimed research and development (R&D) tax relief and failed to amend their returns. The move underscores the government’s intensified crackdown on misuse of the scheme, which reportedly cost the exchequer over £1 billion in missing revenues. The initiative […]
HMRC has confirmed the settlement of its high-profile IR35 tax case with Gary Lineker, ending a long-running dispute over a £4.9 million tax liability tied to his presenting work with the BBC and BT Sport. The case, initially decided in Lineker’s favour by the First-tier Tribunal (FTT), was set for an Upper Tribunal hearing after […]
HM Revenue & Customs (HMRC) has released new guidance cautioning freelancers, contractors, and consultants about the risks associated with Managed Service Companies (MSCs)—complex tax arrangements that could leave independent workers facing tax bills running into tens of thousands of pounds. Introduced in 2007, the MSC legislation aims to combat perceived tax abuse by freelancers who […]
Gary Lineker, the former England footballer turned broadcaster, has strategically placed his television production company, Goalhanger Films, into voluntary liquidation ahead of upcoming capital gains tax rises. Co-owned with former ITV controller Tony Pastor, the company reported net assets exceeding £440,000 in its last published accounts. The decision comes as the UK government announced in […]
Claims for multibillion-pound business tax incentives are more likely to be non-compliant when submitted with the assistance of specialist agents, according to an official review by HM Revenue & Customs (HMRC). An inquiry into research and development (R&D) tax credits—schemes intended to encourage innovation but undermined by fraud and error—found that behaviour among some agents […]