The Financial Reporting Council issued a record £48.2 million in fines to audit firms, including KPMG, EY, PwC, and Oliver Clive & Co, for major audit failures.
Category: Finance
Financial advice for owners and managers of small and medium sized business SMEs in the UK All your tax, borrowing and administration advice
HMRC gains only £14.4m in extra tax from insolvencies since regaining preferential creditor status
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.
Number of non-dom taxpayers rises 7 per cent, contributing £8.9bn to UK revenue
The number of non-domiciled taxpayers in the UK rose by 7% in 2023, contributing a record £8.9 billion in revenue. With potential changes to non-dom status, ensuring a balanced tax regime is crucial to retaining this significant source of income.
Impending tax hike looms for Americans in the UK following general elections
Discover how the UK general election and upcoming US presidential election might impact tax rates for Americans living and working in the UK.
Safeguarding your wealth: Strategies to navigate potential labour tax changes
Discover effective strategies to protect your wealth from potential future tax changes under a Labour government. Learn about portfolio restructuring, inheritance planning, and other tactics to secure your financial future.
Uber Faces £1 Billion VAT Showdown with HMRC
Uber, the ride-hailing and food-delivery giant, is gearing up for a significant tax dispute with HM Revenue & Customs (HMRC) over £1 billion in VAT payments.
HMRC Fails to Fine a Single ‘Enabler’ of Offshore Tax Fraud in Five Years
HMRC has not fined any enabler of offshore tax fraud in the past five years, despite possessing landmark powers to impose significant penalties. Critics argue these powers are ineffective without enforcement.
Adrian Chiles Faces £1.7m Tax Bill After Losing Appeal to HMRC
Adrian Chiles, BBC and ITV presenter, faces a £1.7m tax bill after losing an appeal with HMRC regarding his employment status. The 10-year legal battle centres on IR35 rules and could have significant implications for freelancers.
Families Rush to Transfer Property Amid Fears of Labour’s Inheritance Tax Crackdown
Wealthy families are fast-tracking estate transfers to their children amid concerns over potential inheritance tax changes under a Labour government.
British ISA Plans in Limbo Following Sunak’s Election Call
Rishi Sunak’s decision to call an early election has cast uncertainty over key City reform efforts, including the British ISA and the Pisces private market initiative.
HMRC Seeks Another Bite in ‘Mega Marshmallow’ Tax Case
After losing twice in the long-running ‘mega marshmallows’ tax case, HMRC seeks permission to file another appeal, continuing its argument that the product should be standard rated for VAT.
Nadhim Zahawi confirms he paid nearly £5m for tax error
Former Chancellor Nadhim Zahawi has confirmed to the BBC that he paid nearly £5 million to authorities to settle his tax affairs.
Victory for Innovative Bites Ltd as Judges Rule Marshmallows Not Subject to VAT
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.
Inheritance Tax Receipts reach a record breaking £7.5 billion
The latest figures from HM Revenue and Customs (HMRC) show that inheritance tax receipts increased to £7.5 billion from March 2023 to April 2024, the highest value ever recorded.
£243,000 IR35 case to be reheard 14 years after contract concluded
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.
