Week in Sportbiz: Taxman cometh for football (again); BT Sport; Simone Biles; social media boycott; and NHS x NFL draft April 29, 2021 HMRC has cashed in by increasing scrutiny of the football industry, so perhaps it should be no surprise that the taxman has begun a new crackdown on players and clubs. Investigations into footballers almost tripled in 2019-20, while those concerning clubs more than doubled. The result was an increase from £35m to £73m in tax [...]
Furlough cash: Businesses repay £760m as HMRC cracks down on fraudsters April 26, 2021 A total of 3,777 businesses have repaid over £760m in furlough grants to HMRC, according to new data shared with Morning Wire this afternoon. Since the introduction of the furlough scheme in March 2020, £53.8bn has been claimed by employers as it protected over 11m employees, said accountancy firm UHY Hacker Young, who compiled the [...]
Self-employed get tax reprieve as HMRC delays first late fee on unpaid self-assessment debt February 19, 2021 Self-employed get tax reprieve as HMRC delays first surcharge on unpaid self-assessment debt
City Moves for 9 February: Who is switching jobs in the Square Mile this week? February 10, 2021 City Moves provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email [email protected] to be featured. This week hosts movements over at Big Four auditor Deloitte, JP Morgan, HMRC and PE firm Dean Street. Meanwhile, green London housing looks to be a focus for 2021 with Public Sector Plc’s new [...]
Exclusive: HMRC shells out millions in legal costs after losing tens of cases February 10, 2021 There was an 88 per cent jump in the amount of money HMRC was forced to pay out in legal costs to taxpayers, in cases the taxman lost in 2019/20. In the 2018/19 tax year, the taxman settled 34 cases, costing HMRC some £1.34m. In 2019/20, when the latest data was available, that had jumped [...]
Amazon halts alcohol sales in Northern Ireland following new Brexit customs rules January 27, 2021 Online retail giant Amazon has halted sales of wines, beers and spirits in Northern Ireland as it prepares to de-list more products under new Brexit customs rules. The company is concerned that excise duty will now have to be paid twice on alcohol shipments sent from British mainland across the Irish Sea. Amazon suspended orders [...]
Taxman snoops on 18,000 phone records and web histories January 11, 2021 HMRC made 18,464 requests to access communications data like phone records and web histories to aid its criminal investigations in 2019, according to city law firm RPC. The total number of communication requests was up slightly on 2018’s 18,263 requests. The latest available data was from 2019. The taxman can request data held by telecoms [...]
HMRC issues record £28.3m fine for money laundering breaches January 7, 2021 HMRC has issued a record £28.3m fine to Luton-based business MT Global, a money transfer company. The fine is the largest ever issued by HMRC and relates to “significant” breaches of money laundering regulations between 2017 and 2019. The company was penalised for failures in carrying out risk assessments, its policies, controls and procedures, due [...]
Snitches get riches: HMRC payments to tax evasion whistleblowers up 63% in 2019/20 November 15, 2020 HMRC reported a 63% increase in payments to whistleblowers for reporting tax evasion in the 2019/2020 tax year, paying £473,000 to informants during the period. In the previous tax year HMRC paid £290,250 to informants – around £182,000 less than in 2019/20. The figures were published in HMRC’s annual reports and accounts 2019 to 2020. [...]
HMRC to receive powers to enforce disclosure of assets September 19, 2020 HM Revenue & Customs (HMRC) will be given new powers that will allow it to force financial institutions to provide information about people’s assets. The firms will be required to pass on customer information if served with a “financial institution notice” by HMRC under new measures proposed in the next finance bill. It will mean [...]