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 […]
Who and what data you trust in business is important and increasingly audits are being used to provide confirmation of the facts – whether to shareholders, potential investors or banks. An audit is a statutory requirement for many businesses and is often performed on a voluntary basis by firms who do not otherwise have a […]
The British Isa, proposed by Chancellor Jeremy Hunt, aims to encourage investment in UK-focused assets by offering an additional £5,000 allowance on top of the existing £20,000 annual Isa allowance. Here’s what we know and don’t know about it: What we know: – The British Isa is expected to be a separate account, providing investors […]