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 […]
Former Chancellor Nadhim Zahawi has confirmed to the BBC that he paid nearly £5 million to authorities to settle his tax affairs. The settlement was related to an investigation by HMRC into the allocation of shares in YouGov, a polling company he had founded before becoming an MP. Mr. Zahawi expressed regret for not being […]
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 […]
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, […]
When considering possible exit routes for your business, selling to an Employee Ownership Trust (EOT) can have several benefits, but a word of caution, this is not an exit route that can just be unilaterally imposed on your management team. I recently met with a business owner who had decided that sale to an EOT […]
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 […]
A tax avoidance promoter whose schemes were used by locum doctors and nurses faces a £900,000 penalty for failing to co-operate with HM Revenue & Customs. IPS Progression Limited (IPS) paid their 1,593 scheme users largely with tax-free loans between April 2016 and April 2018. Some of the workers were locum doctors and nurses whose […]