UK paid more tax on alcohol and cigarettes than stamp duty during the pandemic February 22, 2022 New analysis has revealed how the pandemic influenced tax growth across the UK, as HMRC received more from Alcohol and Tobacco duties during the 2020/21 tax year than they did for stamp duty. RIFT Tax Refunds’ data on the total receipts received by HMRC during the first full pandemic tax year of 2020 to 2021 [...]
HMRC rakes in £50bn thanks to new business taxes February 21, 2022 New research released today has revealed that HMRC has collected more than £50bn from firms in the last decade thanks to eight new business taxes. According to data from Thomson Reuters, in the past year alone, eight new taxes raised a total of £7.2bn from businesses, including £300m from its newest tax, the Soft Drinks [...]
HMRC splashes £12m on data analysts February 16, 2022 HMRC has almost tripled its yearly spend on data analyst and data scientist roles over the past five years, according to official figures. The data, retrieved via the Freedom of Information Act (FOI) and analysed by the Parliament Street think tank, revealed a large uptake in data analyst and data science staff year on year [...]
Workers in these sectors could be owed thousands from HMRC as cost of living set to spiral February 15, 2022 With the cost of living set to spiral, research by tax refund experts, accountants have told City PM this morning many UK workers are unaware of the thousands of pounds they could be owed via a tax refund, particularly those working within construction, security, in offshore oil and gas or within the armed forces. It’s shaping [...]
Exclusive: Professional services partnerships start to come forward to HMRC over wrongly claimed furlough cash January 12, 2022 Professional services partnerships have begun to come forward over wrongly claimed coronavirus support, according to new data shared exclusively with City PM today. Around 25 professional services partnerships have admitted to overclaiming furlough with the amount totalling £309,588, averaging £12,384 per firm, law firm Pinsent Masons found. The numbers are likely to increase further as [...]
HMRC did not issue a single Accelerated Payment Notice last year in sign controversial tax campaign may be waning December 29, 2021 HMRC’s controversial Accelerated Payment Notice campaign may be waning, according to new data. HMRC did not issue any Accelerated Payment Notices (APNS) last year, making it the first year none have been issued since they were introduced in 2014 as part of HMRC’s crack down on the use of tax avoidance schemes, according to research [...]
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 City PM 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.
