Over half of the £737m raised last year by HMRC from investigations into companies over tax avoidance and employer compliance errors comes from small to medium sized enterprises (SMEs), despite SMEs being responsible for only 11% (£96bn) of total UK payroll. This is believed to be because smaller businesses do not have the finances and resources available to pay for…
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HMRC taskforce achievements
HMRC taskforces have recovered more than £500m since they were launched five years ago with nearly £250m raised in 2015/16 alone (almost double the previous year’s yield). The taxman has launched more than 140 taskforces targeting sectors that are at the highest risk of tax fraud including the ‘adult entertainment, retail and tobacco industries. Lat year nearly new taskforces were…
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HMRC arrests were publicity stunt
Four former partners of KMCG were arrested as part of a publicity stunt according to evidence given to the High Court. In November 2015 officials from HMRC visited the Big Four firm’s Belfast city centre office and detained Eamonn Donaghy, Jon D’Arcy, Paul Hollway and Arthur O’Brien on suspicion of evading taxes. However, since then no charges have been made….
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HMRC under fire
The latest National Audit Office report on HMRC has been deeply critical. The NAO said that the quality of service for personal taxpayers was severely damaged in 2014-15 and the first seven months of 2015-16 after HMRC reduced staff numbers by a third. Some taxpayers were left waiting for more than an hour for advice and for every £1 reduction…
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Elmbridge pays more
At £17,800, the residents of Elmbridge in Surrey (which includes the wealthy towns of Esher, Walton-on-Thames, Cobham and Weybridge) paid, on average, the highest levels of income tax in the UK. The mean income of residents was £64,500, more than double the UK average of £29,600. On average UK residents pay around £4,820 a year to the Treasury in income…
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Freud settles up
At £17,800, the residents of Elmbridge in Surrey (which includes the wealthy towns of Esher, Walton-on-Thames, Cobham and Weybridge) paid, on average, the highest levels of income tax in the UK. The mean income of residents was £64,500, more than double the UK average of £29,600. On average UK residents pay around £4,820 a year to the Treasury in income…
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Exchange of information update
The Crown dependencies and overseas territories (with the exception of Anguilla and Guernsey) have agreed that they will provide information on the beneficial ownership of companies registered in their jurisdictions to UK law enforcement and tax agencies. This month the EU’s five largest economies have banded together to automatically share information on the ultimate owners of companies – the latest…
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Why volatility is the investor
What is going to happen to British and international property markets in the future? Where are the best opportunities? How can investors protect themselves from unduly punitive rates of tax? If these questions were difficult to answer before the Brexit referendum they are even harder to resolve now. For the foreseeable future we can expect nothing but uncertainty. Received wisdom…
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The FHL tax advantage
Traditionally, furnished holiday lettings (FHLs) were something of a niche investment. Typically, the sector consisted of flats and houses in popular seaside locations and major tourist destinations. Most offered pretty basic accommodation. Unless actively managed, moreover, the annual yields tended to be on the low side. Indeed, for many investors FHLs were a source of pin money and/or a way…
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The Knight Frank Global House Price Index
Knight Frank has published its latest figures for the 55 property markets included in its global house price index. To set the scene, the index has grown by some 3% over the last year, up from 2.3% in the previous year. Some 43 of the 55 housing markets tracked in the global house price index saw prices rise, up from…
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