Christmas in Canary Wharf: UK’s largest banks face £8.5bn HMRC bill with £35.8bn of tax under consideration December 22, 2021 Large banks face a potential £8.5bn tax liability from the UK tax authority, according to new figures obtained by Freedom of Information (FOI). The FOI to HM Revenue and Customs (HMRC), carried out by City law firm DLA Piper, showed that, at the end of March 2021, additional tax liability under investigation had increased by [...]
HMRC: We are ‘actively challenging’ multinationals on tax with additional £94bn raked in during last decade December 6, 2021 HMRC told CityAM this afternoon that it is “very actively challenging” multinationals when it comes to tax as the taxman secured £94bn in additional revenue from large businesses in the last decade. HMRC was responding to claims that big businesses’ underpaid tax has risen by another £1bn in a year to £35.8bn, up from £34.8bn [...]
UK tax revenues nosedive by £33bn but pandemic impact less pronounced than previous crises December 6, 2021 Total tax revenues across the UK dropped by £33.4bn last year, according to the annual revenue statistical release from the Organisation for Economic Co-operation and Development (OECD). The OECD say that the impact of the Covid-19 pandemic on tax revenues was less pronounced than during previous crises, in part, due to government support measures introduced to [...]
HMRC to recoup less than half of the £5.8bn lost from pandemic fraud and mistakes November 21, 2021 HM Revenue & Customs (HRMC) have admitted it will struggle to recoup the the estimated £5.8bn it paid out incorrectly during the pandemic, through fraudulent claims or departmental mistakes.
Millions more Brits in debt as debt pile owed to HMRC balloons to £42bn November 17, 2021 Around 2.4m more taxpayers are in debt to HM Revenue and Customs (HMRC) as tax debt is at more than double its pre-pandemic levels, according to a spending watchdog. In fact, tax debt ballooned by £26bn between January 2020 and September of this year. Staffing levels at HMRC are unlikely to be enough to manage [...]
HMRC hybrid working made permanent: 40,000 staffers given new devices November 15, 2021 HMRC has invested in nearly 40,000 laptops, tablets and phones in the last 12 months, and a total of 45,704 devices since October 2019, shortly before widespread remote working was introduced. The data revealed that new devices had surged by 366 per cent this year, when compared to the same time period for last year [...]
House sales surged by more than two-thirds in September October 21, 2021 There were 160,950 residential transactions last month, considerably higher than last year, but the market is expected to slow following the stamp duty holiday stimulus. The provisional seasonally adjusted estimate of UK home transactions in September was up 68.4 per cent on September 2020, according to HMRC figures. There was a 67.5 per cent leap [...]
HMRC to issue ‘nudge’ letters targeting crypto asset owners across the UK October 20, 2021 HMRC has issued a statement warning individuals that they will soon be issuing “nudge” letters specifically in regards to crypto asset holdings. These “nudge” letters are yet to be circulated, but CityAM checked in with Zoe Wyatt, partner and crypto asset specialist at Andersen UK. “These nudge letters are likely to have been automated [...]
HMRC annual pension stats: ‘The genie is well and truly out of the bottle’ October 4, 2021 HMRC published its annual update to personal and stakeholder pensions statistics at the end of last week. The document included an update on the impact of the lifetime and annual allowance tax charges. Moreover, HMRC also shared the most recent data for flexible pension payments under the pension freedoms rules. Scrutinising the data for City [...]
HMRC delays move to make income tax digital by another year September 24, 2021 HMRC has delayed its planned move to make tax digital (MTD) by a further year, now scheduled to come into force in April 2024. The delay means businesses or landlords with a business income of over £10,000 a year will have now have an extra year to prepare for the digitalisation of income tax. General [...]