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 […]
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, […]