Category: Finance

Jun 16

HMRC Fails to Fine a Single ‘Enabler’ of Offshore Tax Fraud in Five Years

The UK’s tax authority, HM Revenue and Customs (HMRC), has not fined a single “enabler” of offshore tax evasion in the past five years, despite possessing landmark powers to impose substantial fines. This revelation raises concerns about the efficacy of the measures introduced to tackle tax evasion. In 2017, new laws were introduced allowing HMRC […]
Apr 24

Victory for Innovative Bites Ltd as Judges Rule Marshmallows Not Subject to VAT

In a flavorful victory, Innovative Bites Ltd, a food company, has emerged triumphant against the UK tax authorities, securing a ruling that exempts its “Mega Marshmallows” from VAT due to their classification as cooking ingredients rather than confectionery. HM Revenue and Customs (HMRC) had appealed a 2022 decision by the first-tier tribunal (FTT), which had […]
Apr 15

£243,000 IR35 case to be reheard 14 years after contract concluded

Five years after HMRC appealed an IR35 case defeat carrying £243,324 in tax liability, judges have instructed this long-running saga to be reheard despite the work having taken place 14 years ago. IR35 specialist, Qdos, said the situation “smacks of unfairness” and highlights the “nuances and complexities of the IR35 legislation”. In 2019, IT contractor, […]
Mar 26

Could AI Take the Grind Out of Accountancy?

Owen Hewitt, a trainee chartered accountant at haysmacintyre, finds himself amidst a unique cohort of accountants poised to integrate artificial intelligence (AI) into their daily routines from the onset of their careers. Two years into his training, Hewitt anticipates AI’s potential to alleviate the tedium of certain job aspects. According to Hewitt, AI’s role primarily […]