May 2019

Uber in dock over VAT

HMRC is investigating Uber over allegations the ride-hailing company owes £1bn in unpaid VAT. Uber argues that it is exempt the tax because it merely acts a digital intermediary between its 60,000 self-employed drivers and passengers. And, like black-cab drivers, Uber says it is not liable for VAT because its drivers earn under the £85,000 threshold. However, if HMRC rules

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Money laundering fines soar as government cracks down

Fines imposed by HMRC for failing to comply with anti-money laundering obligations increased by 91% last year. The financial services regulatory consultancy, fscom, says the value of fines imposed on businesses rose to £2.3m last year. The average size of fine went up from £1,310 in 2016/17 to £3,450 last year. Recent Home Office figures suggest that as much as

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Pub landlord banned after £7m unpaid tax discovered

A pub landlord who operated a number of well-known hostelries in Nottingham and Derby has been banned for 11 years after submitting inaccurate tax returns. Kirpal Rathaur, 51, of Nottingham, was a director of Edward & Moore Ltd, which had several venues trading under the firm’s name. The company entered into voluntary liquidation in November 2018, owing close to £6.9m

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Mix up sees some Welsh taxpayers charged Scottish income tax rate

Some workers in Wales have been paying Scottish rates of income tax after the wrong code was applied in error by employers. Welsh rates of income tax (WRIT) were introduced on 6 April this year, with income tax payers in Wales assigned with a ‘C’ tax code. However, taxpayers living in Wales have received a Scottish ‘S’ code and, as

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Over £27 million reported lost to crypto and forex investment scams

The Financial Conduct Authority (FCA) and Action Fraud are warning the public to be wary of investment scams carried out via bogus online trading platforms. The warning comes as cryptoassests (crypto) and forex investment scams reports more than tripled last year to over 1,800. Fraudsters promise high returns from investments in crypto and forex, with victims losing over £27 million

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Advisers, do you have multiple client declarations / re-declarations you need to submit for automatic enrolment?

The Pensions Regulator (TPR) has an online bulk declaration feature that may be able to help to save you time if you are an adviser. Instead of submitting your client declarations file-by-file, this online feature allows you to submit multiple declarations within one single file upload only. For full details on how to use the bulk declaration feature, visit TPR’s submit

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HMRC Talking Points

HMRC’s regular Talking Points webinars provide information, guidance and tips to help you understand tax issues. Forthcoming ones include: Expenses & benefits – Trivial benefits: This webinar is part of a series covering expenses and benefits. It has been designed to provide an overview of trivial benefits including what is a trivial benefit, what conditions have to be met to be

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Rise in number of businesses struggling to stay afloat

Some 484,000 UK businesses are in significant financial distress, with the property sector particularly affected, giving rise to concerns that the UK could suffer a broader economic slowdown. Begbies Traynor’s Red Flag Alert data for Q1 2019, which monitors the financial health of UK companies, found that 16% of all UK businesses were experiencing ‘significant’ financial distress at the end

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Cash is still king

On average, every UK small business is owed £24,841 as a result of late payments, according to the latest analysis from Xero’s Small Business Insights. Xero’s director of Partner and Product, Damon Anderson, told delegates to Accountex that late payments cause a real cashflow squeeze that contributes heavily to some 50,000 small business failures a year. He explained that the

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