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.
Category: Money & Tax for the Self-Employed
Everything you need to manage money and tax as a freelancer or sole trader – from self-assessment to invoicing and cashflow.
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.
Could AI Take the Grind Out of Accountancy?
Owen Hewitt, a trainee chartered accountant at haysmacintyre, finds himself amidst a unique cohort of accountants poised to integrate artificial intelligence (AI) into their daily routines from the onset of their careers.
£900,000 penalty for promoter of tax avoidance scheme
A tax avoidance promoter whose schemes were used by locum doctors and nurses faces a £900,000 penalty for failing to co-operate with HM Revenue & Customs.
The new British Isa: What we know and don’t know about this new investment offering
The British Isa, proposed by Chancellor Jeremy Hunt, aims to encourage investment in UK-focused assets by offering an additional £5,000 allowance on top of the existing £20,000 annual Isa allowance.
Chancellor’s ‘generous’ National Insurance cut will increase tax for millions
The Chancellor, Jeremy Hunt’s 2% National Insurance (‘NIC’) cut may not be as generous as he proclaimed at last week’s Spring Budget, say leading tax and advisory firm Blick Rothenberg.
Chancellor’s Spring Budget Sparks Potential Surge in Pension Fund Investment
Chancellor Jeremy Hunt’s proposed reforms, outlined in the Spring Budget, signal a potential surge in pension fund investment, particularly in UK-listed equities.
BBC faces scrutiny over IR35 implementation during government questioning
Tim Davie, the Director General at the BBC, and his team found themselves under the intense scrutiny of the Public Accounts Committee (PAC) yesterday regarding the corporation’s implementation efforts across the UK.
