Millions of people across the UK are at risk of penalties after HM Revenue & Customs (HMRC) revealed that 5.4 million taxpayers have yet to submit their self-assessment tax return. With the 31 January deadline fast approaching, HMRC has urged anyone who has not yet filed to do so immediately to avoid hefty fines. Tax […]
HM Revenue & Customs (HMRC) has rolled out a new disclosure service for companies that have inadvertently overclaimed research and development (R&D) tax relief and failed to amend their returns. The move underscores the government’s intensified crackdown on misuse of the scheme, which reportedly cost the exchequer over £1 billion in missing revenues. The initiative […]
HMRC has confirmed the settlement of its high-profile IR35 tax case with Gary Lineker, ending a long-running dispute over a £4.9 million tax liability tied to his presenting work with the BBC and BT Sport. The case, initially decided in Lineker’s favour by the First-tier Tribunal (FTT), was set for an Upper Tribunal hearing after […]
HM Revenue & Customs (HMRC) has released new guidance cautioning freelancers, contractors, and consultants about the risks associated with Managed Service Companies (MSCs)—complex tax arrangements that could leave independent workers facing tax bills running into tens of thousands of pounds. Introduced in 2007, the MSC legislation aims to combat perceived tax abuse by freelancers who […]
Gary Lineker, the former England footballer turned broadcaster, has strategically placed his television production company, Goalhanger Films, into voluntary liquidation ahead of upcoming capital gains tax rises. Co-owned with former ITV controller Tony Pastor, the company reported net assets exceeding £440,000 in its last published accounts. The decision comes as the UK government announced in […]
Claims for multibillion-pound business tax incentives are more likely to be non-compliant when submitted with the assistance of specialist agents, according to an official review by HM Revenue & Customs (HMRC). An inquiry into research and development (R&D) tax credits—schemes intended to encourage innovation but undermined by fraud and error—found that behaviour among some agents […]
Kaye Adams, presenter of ITV’s Loose Women, has won a protracted ten-year dispute with HM Revenue & Customs (HMRC) over her employment status. After multiple court victories, HMRC announced it would not appeal against Adams’s latest win, concluding a case that has highlighted significant criticisms of the tax authority’s approach to IR35 regulations. The dispute […]
Breadcrumb Trail Links Finance Banking News Promise to lower taxes for corporations, enforce fewer regulations could rub off on biggest lenders Get the latest from Naimul Karim straight to your inbox Sign Up Published Nov 06, 2024 • 2 minute read Some of Canada’s biggest banks are poised to make gains with Donald Trump set […]
The UK tech industry is on edge as speculation mounts over potential changes to Capital Gains Tax (CGT) in the upcoming Autumn Budget. Leading audit and advisory firm Blick Rothenberg has expressed concerns that such changes could have a detrimental impact on the fintech ecosystem, a key driver of the UK’s global tech reputation. Simon […]
Investors are withdrawing money from their pension pots in increasing numbers, fearing potential tax rises in the upcoming budget. AJ Bell, one of the UK’s largest DIY wealth managers, has reported a significant uptick in pension withdrawals, as clients move to secure tax-free lump sums ahead of possible changes by the government. Michael Summersgill, AJ […]