Businesses of every size have been unable to escape the incredible impact that AI has had on the ways in which we do business of late. From conglomerate to SME, organisations are becoming faster, more agile, and more robust as we outsource administrative and repetitive tasks to our AI co-workers. One of the newest AI […]
More than half a million taxpayers, set to receive HMRC’s simple tax assessments for the first time, are being warned not to ignore them to avoid penalties and missed tax deductions, according to leading audit, tax, and business advisory firm Blick Rothenberg. Robert Salter, a Director at the firm, stated: “HMRC has recently announced that […]
Women in their 50s are on the verge of a pension crisis due to substantial caring responsibilities and inadequate retirement savings, according to Catherine Foot, director of Phoenix Insights, a think tank associated with the UK’s largest retirement savings firm. Research from Phoenix Insights indicates that individuals in their 40s and 50s are not saving […]
Britain’s accounting watchdog, the Financial Reporting Council (FRC), has imposed a record £48.2 million in fines over the past year, concluding several high-profile investigations, including audits of Carillion and London Capital & Finance. The FRC, responsible for overseeing the nation’s audit and accounting firms, surpassed its previous record of £46.5 million set in the 2021-22 […]
HMRC has collected an additional £14.4 million in tax from insolvencies over two tax years up to 2023 since it regained its ‘preferential creditor’ status. The preferential status, known as ‘Crown Preference’, was reinstated for HMRC in December 2020, granting it priority in reclaiming taxes owed from insolvent businesses ahead of other unsecured creditors, including […]
Americans residing and working in the UK might face increased tax rates due to outcomes from the UK general election and the US presidential election this November. Alex Straight, a Partner at Blick Rothenberg, a British audit, tax, and business advisory firm, and spokesperson for the firm’s international group, highlighted, “For Americans, this is the […]
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 […]
TV presenter Adrian Chiles is facing a £1.7m tax bill following the loss of his appeal against HM Revenue & Customs (HMRC) concerning his tax status during his tenure at ITV and the BBC. Mr Chiles, married to Guardian editor Katharine Viner, has been embroiled in a decade-long legal battle with the tax authority over […]
The government’s flagship City reform initiatives, including the rollout of the British ISA and the Pisces private market, face uncertainty following Prime Minister Rishi Sunak’s decision to hold an early election in July. Over the past two years, ministers have pursued significant changes to City policy, but consultations on these landmark plans are now at […]
After losing twice in the protracted ‘mega marshmallows’ tax case, HM Revenue and Customs (HMRC) has announced its intention to file yet another appeal. Last month, the Upper Tax Tribunal upheld a lower tribunal’s ruling that ‘mega marshmallows’ sold by London-based wholesaler Innovative Bites are not considered confectionery and therefore are exempt from VAT. The […]