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: Business tax reliefs jump to record £94bn as number of available reliefs grows to 57 February 14, 2022 The value of tax reliefs claimed by UK businesses reached a record £93.7bn last year, up another 5 per cent from the £89.3bn claimed the year before, according to new data shared exclusively with City PM today. The growth in the value of business tax reliefs claimed has been driven by the rise in the number [...]
Covid fraud fiasco widens as plans to recover £6bn are slammed as ‘soft HMRC is rewarding the unscrupulous’ February 14, 2022 In a report published late on Friday, Parliament’s cross party Public Accounts Committee says “HMRC’s unambitious plans” for recovering a total of £6bn it estimates it spent incorrectly in Covid-19 support payments – whether through fraud or mistakes – could lead to government writing off billions of pounds in taxpayers’ money. The PAC said this “risks rewarding the [...]
London suburb of Harrow emerges as unexpected hotspot for tax avoidance February 7, 2022 The London suburb of Harrow has been revealed as the unexpected centre of tax avoidance in the UK with 346 taxpayers coming forward to admit tax avoidance last year, placing it first out of 120 areas of the UK. In fact, The number of people admitting to tax avoidance in Harrow has jumped 280 per [...]
Windfall tax looming: BP may end up in firing line if it reports expected 30-fold increase in profits February 7, 2022 Oil giant British Petroleum could end up in the firing line when it reports this week what analysts expect might be a more than 30-fold increase in its profit in the closing months of last year. The oil giant is expected to report an underlying replacement cost profit – its preferred measure – of around [...]
National Insurance tax hike to hit UK apprenticeships, warns FSB February 7, 2022 The Federation of Small Businesses (FSB) has called out government's national insurance tax hike amid falling numbers of apprenticeships.
HMRC’s investigations into UK’s biggest firms generate £69 in extra tax revenue for every £1 invested February 7, 2022 HMRC investigations into big firms generate significantly higher returns than investigations into small and mid-sized businesses, according to figures from Pinsent Masons, which said the investigative unit’s high returns will see the taxman focus on large corporate tax dodgers going forwards. The UK tax collector’s investigations into big firms generated £69 in extra tax revenues [...]
Antofagasta tumbles on the London Stock Exchange as Chile warns of tax hikes February 2, 2022 Shares in multinational miner Antofagasta have dropped 4.9 per cent on the FTSE 100, after Chile hinted at heavy tax rises.
Economists call hike in national insurance tax during cost of living crisis ‘extremely perverse’ February 1, 2022 Raising national insurance contributions during a cost of living crisis is the wrong thing to do, economists have warned. Giving evidence to the Treasury Select Committee, Tom Clougherty, from the Centre for Policy Studies, said it was “extremely perverse” to raise the tax currently and it should be delayed. Clougherty said it was “extremely perverse [...]
Boss gives entire company pay rise to cover hike in national insurance January 31, 2022 With confirmation that Boris Johnson will be raising National Insurance by 1.25 per cent this April, a digital marketing company told City PM this morning it will give its entire workforce a pay rise to cover the drop in income. The founder of 71a, Edward Newman, has promised every member of his team a pay rise [...]
