The National Audit Office (NAO) pulls no punches in its latest report, 'Tackling tax evasion in high street and online retail'. It concludes that HMRC are slow in preventing phoenixing, disguised residency and electronic sales suppression. Tax evasion is growing in the small business sector and whilst HMRC have identified issues, they've done almost nothing to prevent them.
HMRC retains a list of businesses under its supervision for Anti-Money Laundering (AML) purposes. This list can be used by anyone in their customer due diligence process.
In Ali Sadiq Jaafar v HMRC [2024] TC9279, an appeal to the First Tier Tribunal (FTT) in respect of Coronavirus Support Payments backfired. The evidence revealed that the taxpayer was not trading at the time and that a claim made by his dormant company for a Bounce Back Loan was likely to have been wrongly made too.
In Go City Limited (formerly the Leisure Pass Group Limited) v HMRC [2024] TC9263, the FTT gave judgment over a long-running saga, deciding that visitor passes that combined transport with entry to London attractions are multi-purpose vouchers, not tickets, and therefore outside the scope of VAT.
A recent National Audit Office (NAO) report compares measures adopted by other countries to reduce instances of VAT and sales fraud with the UK's approach. It reveals that the UK is seriously lagging in terms of its adoption of technological solutions.
In considering why the UK came to be so perverse in its approach to tax technology, we should examine whether HMRC's approach to Making Tax Digital should refocus on sales reporting.
Over six months starting in September 2022, a large number of VAT-registered overseas businesses changed their registered address to one residential property in Cardiff. The resident received over 11,000 letters from HMRC and debt collection agencies regarding unpaid VAT, according to an example included in a report the National Audit Office (NAO).
The government has confirmed that it continues to support the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme by announcing that both schemes will be extended by ten years to 5 April 2035, as planned.
Hello,
If you are just back from your holidays we have lots of updates and refreshers on topical taxes this week. Tax allowances may have been frozen for years but there is much to report. I would personally recommend our Land & Property Advisers' 'What's New 2024/25' guide, which features an in-depth look at the current concerns about s.162 relief.
In HMRC v S & L Barnes Limited [2024] UKUT 00262 (TCC), the Upper Tribunal (UT) remade an earlier decision and found former rugby player Stuart Barnes was within IR35 leaving him exposed to a bill of £695,000.
We look closer at HMRC's latest property income statistics for 2022/23. There may be a 'blip' but the stats indicate that property income received by partnerships appears to have fallen by £3.47 billion between 2021/22 and 2022/23. Despite that, overall property income received by all unincorporated landlords only fell by £1.96 billion, meaning that perhaps 2021/22 was a rogue year in terms of the statistics.
