penalties Archives - WRLO Accountants

HMRC has not fined a single enabler of offshore tax evasion

WRLO Accountants — Fri, 05 Jul 2024 16:31:56 +0000

HMRC has not fined a single enabler of offshore tax evasion in five years, data released in response to a Freedom of Information (FOI) request has revealed. This is despite HMRC having landmark powers, which were introduced in 2017, to impose hefty fines. The data, which was released to the Bureau of Investigative Journalism (TBIJ), suggests that HMRC is failing to target the creators of offshore tax evasion schemes and instead pursues clients of such schemes. According to the FOI request, HMRC has not fined a single partnership or company for enabling tax evasion since the change in the law in 2017. Michelle Sloane, a tax disputes partner at law firm RPC, said: ‘Enablers were and still are a big focus for HMRC. But these figures show their rhetoric on tackling enablers … is clearly not being followed through with action.’ A spokesperson for HMRC said: ‘We have a strong track record in tackling offshore non-compliance. Since the launch of our No Safe Havens strategy in 2019, we have secured almost £700 million from offshore initiatives.’ Internet link: TBIJ website

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March 2023

WRLO Accountants — Fri, 03 Mar 2023 09:57:38 +0000

In this month’s Enews we look at the new VAT penalties and the latest analysis of inflation. We also update you on what business wants to see from the Spring Budget and the latest GDP figures. With details on a potential digital pound and new advisory fuel rates, there is a lot to update you on. HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time ‘Digital pound’ likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars HMRC sounds warning on new VAT penalties HMRC is reminding VAT-registered businesses to file their VAT returns and pay on time ahead of new penalties being applied. The tax authority says that the new penalties will be ‘fairer and more proportionate’ for businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due by 7 March 2023. The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing the VAT […]

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June 2022

WRLO Accountants — Tue, 07 Jun 2022 11:24:30 +0000

In this month’s Enews we consider the latest news on the cost-of-living crisis with the Chancellor announcing further measures to help families and businesses. We also update you with the latest on the energy price cap and rising inflation. With news on the future of cash and minimum wage penalties, there is a lot to update you on. Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high of 9% Almost 66,500 filed self assessment returns on 6 April Number of firms in critical financial distress rises sharply New law to protect access to cash announced in Queen’s Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Chancellor announces windfall tax on energy firms Chancellor Rishi Sunak will impose a windfall tax on energy firms alongside a package to help households with the cost-of-living crisis. Mr Sunak said a ‘temporary, timely, and targeted’ 25% Energy Profits Levy would be introduced for oil and gas companies, reflecting their extraordinary profits. The levy is expected to raise £5 billion for the Exchequer and the legislation will include a sunset clause to ensure it is temporary. As […]

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